SINGAPORE, July 23 (Reuters) – Chinese memory chip manufacturer CXMT Corp’s shares will start trading in Shanghai on Monday, it said on Thursday after raising 57.92 billion yuan ($8.6 billion) in Asia’s biggest initial public offering so far this year. The debut will spotlight China’s state-led push to turn public capital into technology champions as […]
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Chinese chipmaker CXMT to list in Shanghai on July 27 after Asia’s biggest IPO this year
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SINGAPORE, July 23 (Reuters) – Chinese memory chip manufacturer CXMT Corp’s shares will start trading in Shanghai on Monday, it said on Thursday after raising 57.92 billion yuan ($8.6 billion) in Asia’s biggest initial public offering so far this year.
The debut will spotlight China’s state-led push to turn public capital into technology champions as Beijing seeks greater chip and AI self-sufficiency in the face of U.S.-led export curbs.
The company, formerly ChangXin Memory Technologies, sold 6.69 billion shares at 8.66 yuan each, the company said.
Proceeds could rise to 66.61 billion yuan if an over-allotment option is fully used, CXMT added. An over-allotment option lets underwriters sell extra shares if demand is strong.
The company makes DRAM chips used in computers, smartphones, servers and artificial intelligence systems.
The IPO proceeds will fund chip production, research and development while also providing working capital, the company said.
($1 = 6.7701 Chinese yuan renminbi)
(Reporting by Beijing bureau and Yantoultra Ngui in SingaporeEditing by David Goodman)