CXMT Corp, a Chinese memory chipmaker formerly called ChangXin Memory Technologies, will start trading in Shanghai on July 27 after raising 57.9 billion yuan ($8.6 billion) in Asia’s biggest initial public offering so far this year.

The company sold 6.69 billion shares at 8.66 yuan (US$1.3) each.

Proceeds could reach 66.6 billion yuan (US$9.84 billion) if underwriters fully exercise the over-allotment option, which lets them sell extra shares when demand is strong.

The company said planned net proceeds would go toward memory-wafer production-line technology upgrades, DRAM technology upgrades, forward-looking DRAM research and development, and working capital.

The company makes DRAM chips used in computers, smartphones, servers, and AI systems.

The listing highlights China’s push to strengthen domestic chip and AI capabilities amid the US-led export curbs.

🔗 Source: Reuters

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