![The logo of Chinese semiconductor maker CXMT. [Reuters]](https://wimg.heraldcorp.com/news/cms/2026/07/28/news-p.v1.20260728.2b0d96aa222d4b3ab247187363322034_P1.jpg)
CXMT's initial public offering has raised massive capital, fueling expectations in China that the DRAM semiconductor market — long dominated by Samsung Electronics, SK hynix and Micron — is on the verge of a major reshaping.
Chinese experts, citing state-run Global Times on Monday, said CXMT's listing marks a historic shift for China's memory chip industry — from chasing technological parity to aggressively expanding production capacity.
Industry analyst Ma Jihua said CXMT's rise has positioned Chinese DRAM makers to compete directly with the world's leading players.
The IPO raised 57.92 billion yuan ($8.53 billion), and could reach 66.61 billion yuan if an overallotment option is exercised.
Ma said CXMT plans to use the proceeds to upgrade its 12-inch DRAM wafer production lines and invest in high-bandwidth memory (HBM) research and development — moves he expects will accelerate both technological upgrades and capacity expansion. He also said CXMT could challenge the global DRAM top three, including Samsung Electronics, and potentially reshape the world market.
According to Counterpoint Research, Samsung Electronics held a 38 percent share of the global DRAM market by sales in the first quarter of this year, followed by SK hynix at 29 percent and Micron at 22 percent. CXMT's share climbed to 8 percent, up sharply from around 3 percent in the first quarter of last year.
Chen Jing, vice president of the Institute of Technology Strategy Research, said CXMT's emergence means China has, for the first time, a globally competitive memory chip manufacturer with strong capital, production capacity and technological capabilities.
Chen added that the listing has bolstered confidence in China's "hard tech" sector — core technologies requiring long-term research and development and significant technical hurdles. CXMT weathered roughly a decade of heavy investment, losses and external sanctions including those from the United States, and has now grown to the point where annual profit of more than 100 billion yuan is anticipated.
He described CXMT as a "market reshaper" rather than a "market disruptor," adding that while the company's capacity expansion could slow the pace of DRAM price increases, it would not trigger a price war among manufacturers or reverse the current upward pricing cycle.
Chinese financial media outlet Yicai said the listing would accelerate domestic localization across the memory chip supply chain. While acknowledging that a gap between CXMT and the global top three remains, Yicai said the listing would benefit not only CXMT but also key companies throughout the supply chain, adding that "the overall strength of China's integrated circuit supply chain will rise further."
One industry figure said China's memory sector had long grappled with insufficient production capacity and pressure to catch up on core technologies. "CXMT's listing will help strengthen research, development and innovation capabilities, and accelerate the construction and upgrading of production capacity," the person said.
According to Chinese tech media outlet Kuai Technology, Goldman Sachs held an emergency expert conference call on China's memory industry in the days leading up to the CXMT listing, with participants including experts who had worked at CXMT and Samsung Electronics.
The call yielded forecasts that the expansion of China's DRAM production capacity is an irreversible trend, and that CXMT's annual memory output could more than double by 2030. Participants also noted that CXMT's manufacturing processes continue to advance, with mass production of HBM3 (fourth-generation) and HBM3E (fifth-generation) chips set as clear targets for this year.
Meanwhile, CXMT debuted on the Shanghai Stock Exchange on Monday, instantly becoming the largest company by market capitalization on mainland China's bourse.
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