CXMT Debuts on A-Share Market, YMTC IPO Accepted

Changxin Technology (CXMT) listed on the A-share market on July 27, and Yangtze Memory Technologies Co. (YMTC) had its IPO application accepted by the Shanghai Stock Exchange on August 21. Memory chips account for roughly 33% of the global chip market, a segment long dominated by a handful of international giants. The listings of the two companies provide critical support for the self-sufficiency of China's semiconductor industry chain.

In the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market by sales, ranking fourth. In the second quarter of 2026, YMTC's global market share reached 14% by shipment volume, surpassing Kioxia to become the third-largest player.

CXMT's IPO proceeds are primarily earmarked for technological upgrades to its memory wafer fabrication mass-production lines, DRAM technology advancement, and forward-looking technology research. YMTC's raised funds will be used for production line technology upgrades and research and development, with a focus on preparing for mass production of higher-layer-count 3D NAND products and the supporting development of enterprise-grade solid-state drive controllers.

CXMT launched its self-designed 8Gb DDR4 product in 2019 and has since continued research and development, achieving mass production of multiple products and advancing toward DDR5 and LPDDR5 series. YMTC's self-developed Xtacking architecture enables high-density integration of 3D NAND flash memory, progressing from 32-layer and 64-layer to 128-layer and 267-layer mass production, while also advancing research on technologies beyond 300 layers.

The global DRAM market is dominated by Samsung, SK Hynix, and Micron, which together hold a 90% share. YMTC has achieved mass production of 267-layer 3D NAND and is advancing research on technologies beyond 300 layers.