BlockBeats News, June 24th – Semiconductor and AI independent research firm SemiAnalysis published an article stating that China's largest DRAM manufacturer, ChangXin Memory Technologies (CXMT), is advancing its IPO on the Sci-Tech Innovation Board (STAR Market), poised to become one of the largest semiconductor IPOs in China in recent years. The company is expected to achieve a 156% year-on-year revenue growth to around $8.6 billion in 2025, with a net profit of around $1 billion for the first time; revenue in the first quarter of 2026 further increased to $7.3 billion, a year-on-year growth of about 700%. With DRAM prices entering a historically high cycle, CXMT is rapidly narrowing the gap with the world's top three memory giants.

CXMT's rise is attributed to three key factors: inheriting the technological assets and patent system of the bankrupt German memory manufacturer Qimonda; attracting a large number of senior engineers from Micron, Samsung, and the European storage industry; and receiving long-term government capital support and domestic industry chain support. After nearly a decade of continuous investment, the company has become the world's fourth-largest DRAM manufacturer and has gradually established independent R&D capabilities.

Looking ahead, CXMT is expected to continue expanding its production capacity from 2026 to 2028, with its global DRAM market share projected to increase from 9% in 2025 to 12% in 2027. However, the company's current profit growth is mainly driven by the surge in DRAM prices rather than a technological leadership advantage. At the same time, HBM high-bandwidth memory still faces challenges in yield and capacity. But with the rapid growth of China's AI industry in demand for local computing power and storage, CXMT may play a more significant strategic role in the future.