On July 27, Cxmt Corporation, known as "China's first DRAM memory chip stock," made its debut on the STAR Market. After years of losses, the company's performance has surged, propelling it to the fourth position globally. Cxmt Corporation has been described as "a decade of sharpening a sword," creating the largest IPO in the history of the STAR Market and the largest technology IPO in A-share history.
Breaking the monopolistic pattern of memory chips, Cxmt Corporation endured a 10-year marathon of sustained losses. Its ability to navigate the "high-barrier, capital-intensive, long-cycle, R&D-heavy" industry cycle and reach a turning point in performance is inseparable from the long-term "patient capital" support from state-owned investors like the Hefei government.
On the evening of July 27, Hefei Industry Investment Group (Hefei Industry Investment) issued a statement. In 2016, under the decisions and deployments of the Hefei Municipal Party Committee and Municipal Government, Hefei Industry Investment Group invested in Cxmt Corporation, helping it grow into China's largest, most technologically advanced, and most comprehensively laid-out integrated DRAM design, R&D, and manufacturing enterprise.
Over the past decade, Hefei Industry Investment Group has adhered to the principles of industrial patriotism, long-termism, and patient capital. It has continuously made heavy investments in the Cxmt project, accompanying it through industry cycles and walking a path of determined innovation.
Hefei Industry Investment Group stated that, as the founding shareholder and largest state-owned investor in Cxmt Corporation, it extends its warmest and most sincere congratulations on the successful listing of Cxmt Corporation on the STAR Market. In the future, Hefei Industry Investment Group will continue to practice long-termism and patient capital, support the development of Cxmt Corporation as always, and deepen comprehensive cooperation to jointly help Hefei build a globally influential integrated circuit industry hub.
An article from People's Daily commentary pointed out that, from early-stage equity investments and mid-stage strategic financing to IPO sponsorship and secondary market placements, the financing path of Cxmt Corporation demonstrates the full-chain synergy of China's sci-tech finance. This provides a real model for building a systematic sci-tech finance ecosystem and a multi-channel market-based financing system, playing an immeasurable leading role in attracting more long-term capital into the hard-tech track.
The development model of Cxmt Corporation is also a vivid practice and proof of China's new national system in the semiconductor sector. Guided by national strategy and by concentrating the power of enterprises and capital, we have the ability to achieve breakthroughs in key core technologies and gradually achieve full-chain self-sufficiency and control.
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