Global Market: CXMT's blockbuster IPO rewards Hefei's decade-long semiconductor investment

CXMT, China's leading DRAM manufacturer, is set to begin trading on the Shanghai Stock Exchange after raising 8.6 billion dollars in what is Asia's largest IPO so far this year. The company, in which Hefei government-linked investors hold a 36.8 percent stake valued at approximately 213 billion yuan, has become central to China's push for a self-sufficient AI semiconductor supply chain. CXMT is now the world's fourth-largest DRAM producer, behind South Korea's SK Hynix and Samsung Electronics and U.S.-based Micron Technology.