China’s CXMT eyes $4.2 billion Shanghai listing to fund DRAM expansion

BEIJING: China’s leading maker of DRAM chips, ‍ChangXin Memory Technologies (CXMT) Corp, said on Tuesday it plans to raise 29.5 billion yuan ($4.22 billion) ⁠through an initial public offering of 10.6 billion shares in Shanghai.

The company, which directly challenged South Korean and U.S. rivals by unveiling its latest DDR5 DRAM chips last month, will ‌use the listing ‌proceeds to upgrade production lines and technologies, it said in a prospectus on Tuesday.