CXMT IPO Tests China’s Chip Self-Sufficiency drive

Benzinga_recent_news07-08

The Hefei-based DRAM maker is heading to Shanghai’s STAR Market as AI demand and geopolitical tensions bring new urgency to China’s semiconductor self-sufficiency drive image credit: Bamboo Works One ...

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Instead, it’s coming from Hefei, an inland provincial capital better known a generation ago for universities and government offices than its technology.\nBut that’s been changing over the past two decades, as Hefei becomes one of China’s boldest local-government technology investors, using state capital to build or attract companies in displays, electric vehicles (EVs), batteries, AI, quantum technology and semiconductors. Its best-known bets include names like display maker BOE, EV maker Nio, battery maker Gotion and AI company iFlytek, to name a few.\nCompanies typically list within three to four months after getting such approval. The IPO could become the largest this year on China’s A-share markets in Shanghai and Shenzhen, and one of the biggest ever on the STAR Market since its launch in 2019.\nZhu’s first major company, GigaDevice (3986.HK; 603986.SH), focused on NOR flash, the small memory chips that help devices store boot code and firmware, and MCUs, the tiny control chips used inside appliances, cars and connected devices.\nWhile GigaDevice proved Zhu could build memory chips, CXMT was a harder second act. DRAM requires huge factories costing billions of dollars, constant process upgrades and durability to survive brutal price cycles. Hefei made that leap possible. When Zhu moved into DRAM, private investors saw the sector as too risky. But Hefei was willing to take the chance, reportedly taking an 80% stake in the first phase of a 150 billion yuan 12-inch wafer project.\nThat patience is now paying off. CXMT spent years absorbing losses, but the current memory boom has transformed its financial profile overnight. After logging 61.8 billion yuan in revenue last year, the figure reached 50.8 billion yuan in this year’s first quarter alone, along with 24.8 billion yuan in profit.\nBut the company still lags its larger rivals in scale, R&D spending, product breadth, international supply-chain depth and high-bandwidth memory (HBM) used in AI computing. The company has reportedly faced yield challenges with DDR5, a newer generation of memory used in PCs and servers, showing how hard it is for challengers to close the technology gap.\nThat is the tension behind the IPO. Hefei helped CXMT survive long enough to profit from the current AI memory boom. Public investors will now decide whether China’s DRAM champion can use that momentum to become a real fourth pillar in the global memory market, or whether it’s destined to thrive only in its protected market at home.\nTo subscribe to Bamboo Works weekly free newsletter, click here\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2649293242","isCrawlerRequest":true}