Chinese memory chipmaker ChangXin Memory Technologies (CXMT) plans an initial public offering (IPO) in Shanghai as soon as the first quarter of next year, eyeing a valuation of up to 300 billion yuan ($42.12 billion), according to two sources briefed on the matter.
Founded in 2016 with government backing, CXMT leads China’s strategic push to build a foothold in a global DRAM market long dominated by companies from Japan, South Korea and the United States.
China’s leading manufacturer of dynamic…