Memory frenzy fuels CXMT's historic debut

Chinese DRAM maker CXMT (ChangXin Memory Technologies Corp) is set for a blockbuster debut as China's biggest listed firm on day one, having raised 66.6 billion yuan (around 9.8 billion dollars) in its IPO. The retail portion was oversubscribed 212 times with individual investors placing 9.4 million orders worth 7.07 trillion yuan. The listing taps into strong demand for memory chips driven by the global AI buildout, with CXMT positioned as Beijing's key alternative to foreign DRAM suppliers including for high-bandwidth memory used in AI data centers.