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China DRAM Maker CXMT Targets $4.2B IPO as It Takes on Samsung, SK Hynix, Micron

China DRAM Maker CXMT Targets $4.2B IPO as It Takes on Samsung, SK Hynix, Micron

walterbell

Comments (78)

  • MrGilbert
    Would love to see them succeed and take on the pc builder market, aka hobbyist market. Honestly, the recent rise in RAM left me behind with a huge amount of disbelief and anger. Anger primarily, because big corporations are responsible for draining the market, while on the other hand a Satya Nadella states that they are sitting on a pile of GPUs they cannot use because of limited power.[1]I simply cannot understand how that will ever be profitable. To me, it just looks like a huge waste of resources.[1]: https://redmondmag.com/blogs/generationai/2025/12/microsoft-...
  • walterbell
    https://www.semiconsam.com/p/why-did-the-memory-chicken-game... | https://s-space.snu.ac.kr/bitstream/10371/95351/1/01%20Jeho%... Chinese memory makers are the product of massive state backing, with tens of billions of dollars in subsidies and the full weight of the Chinese government behind them. Could Samsung win a power struggle against the Chinese government? .. The market that [Samsung, SK Hynix and Micron] created by surviving is completely different from the past. When there were ten players, even if I cut output, someone else could simply increase theirs. But now that only three remain, everyone knows all too well that if anyone recklessly expands supply, everyone goes down together.. the market paradigm has shifted from a “market share (M/S) war” to “profit maximization.” https://x.com/semianalysis_/status/2005458750296256654 The key to (CXMT) achieving 10nm-class DRAM mass production at a speed that seemingly defies physics lies in its complete acquisition of Samsung’s PRP process roadmap—a project that took Samsung five years and 1.6 trillion KRW to develop. https://www.tomshardware.com/pc-components/dram/samsung-engi... South Korean prosecutors indicted multiple individuals in a case alleging that a former Samsung engineer leaked advanced DRAM manufacturing process data to [CXMT] .. shedding light on how leaked trade secrets may have accelerated China’s push into 10nm-class memory.. engineers in question allegedly took note of detailed critical manufacturing steps in handwritten notes taken over five years.. handwritten notes remain difficult to track or audit. Investigators say the accused engineer exploited this gap by memorizing and transcribing process flows, which is virtually impossible to police effectively.
  • dworks
    Since I'm in China, I took a look at Taobao hoping to find cheaper ddr5 sticks made with CXMT chips. Unfortunately, they are the same price or only marginally cheaper than Hynix sticks (1900 - 2300 rmb for 32g ddr5). Perhaps capacity at CXMT is not very high yet.
  • amluto
    I wish them luck.The other major DRAM makers use ASML machines, and I’m curious how competitive CXMT will manage to be without them.
  • coliveira
    Great, this is an area that clearly needs more production and lower prices, something China is exceedingly good at.
  • chhxdjsj
    Anyone got any tips on ways to buy ipos/equity on Shanghai STAR exchange? I want unitree and cxmt
  • anon
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  • dartharva
    It's good that if not anything, the AI giant's antics have shaken up the industry awake and made us aware of how finicky the current status quo is with essential commodities for the entire world being choked up by a handful of suppliers. In the end as new entrants increase, with fortune, the consumers shall eventually be better off as things settle.
  • tonyhart7
    need some competition right as of price of ram is as much as expensive as GPU or entire system
  • nutjob2
    It's an opportune moment given how wildly expensive and in demand DRAM is and hopefully it'll give notice to the incumbents that they'll lose market share if they expand production.As they say in business: "Your margin is my opportunity"
  • lysace
    My bet is on illegal price fixing, for the nth time.
  • almaight
    Technological communism means that everyone can afford the latest technology.
  • TheRealPomax
    Not sure how you're taking on Samsung or Micron when both of them have pulled out of the market...?
  • peter_d_sherman
    I asked Perplexity.ai to list all of the DRAM manufacturing companies that it could. What follows is that list:Samsung Electronics – https://www.samsung.comSK hynix – https://www.skhynix.comMicron Technology – https://www.micron.comChangXin Memory Technologies (CXMT) – https://www.cxmt.comNanya Technology – https://www.nanya.comWinbond Electronics – https://www.winbond.comPowerchip Semiconductor Manufacturing Corp. (PSMC) – https://www.psmc.com.twFujian Jinhua Integrated Circuit (JHICC) – http://www.jhicc.comGigaDevice – https://www.gigadevice.comEtron Technology – https://www.etron.comIntegrated Silicon Solution Inc. (ISSI) – https://www.issi.comElite Semiconductor Memory Technology (ESMT) – https://www.esmt.com.twZentel Electronics – https://www.zentel.com.twAlliance Memory – https://www.alliancememory.comAP Memory Technology – https://www.apmemory.comAMIC Technology – https://www.amictechnology.comHua Hong Semiconductor – https://www.huahong.com(Note that I have not researched each of these companies individually... There may be errors in the above list (some may be DRAM resellers, some may be defunct, etc., etc.))