China’s CXMT wins $3 billion memory supply deal with Tencent

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) has signed a long-term supply agreement with Tencent Holdings worth more than 20 billion yuan ($2.94 billion) ahead of its blockbuster stock market debut, according to three people with knowledge of the matter.

The agreement covers several years of DRAM chip supply for servers, the people said, speaking on condition of anonymity as the details are private. Two of the sources said the deal spans up to three ‌years, while the third ⁠said it ⁠covers up to five years.