🥇 Record IPOs: China’s leading memory chipmakers CXMT and YMTC are planning listings on mainland exchanges, each targeting valuations of 200–300 billion CNY (US$28–42 billion). The offerings could become the largest tech IPOs since SMIC in 2020.
🔩 Two Memory Worlds: CXMT is China’s leading DRAM manufacturer (working memory for servers, PCs, smartphones). YMTC produces 3D NAND flash (data storage for SSDs and smartphones).
🚀 Technology Status: CXMT currently manufactures on a 17-nanometer process, is building an HBM packaging plant in Shanghai, and aims to start mass production of HBM3 chips in 2026. YMTC is technologically close behind the Korean market leaders.
📈 Market Environment: The AI boom is causing global shortages of DRAM and NAND. While the U.S. restricts exports of advanced memory technologies, Beijing is channeling capital and subsidies into expanding local champions. On the stock market, semiconductor shares are the strongest sector group of 2025.
Big Picture
The two IPO preparations reflect Beijing’s strategy to reduce dependence on Samsung, SK Hynix, and Micron. What will be decisive is whether investors can be convinced that “Made in China Memory” is not just politically driven but also technologically competitive.
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