China’s Chip Champion to Raise Billions in Race for A.I. Control

China’s largest maker of memory chips is raising billions of dollars in a blockbuster public offering to pursue the nation’s agenda of technological self-sufficiency and leadership in the global race to develop artificial intelligence.

ChangXin Memory Technologies, known as CXMT, said in a filing on Wednesday that it had roughly doubled the price of its offering on the Shanghai exchange from earlier guidance, based on strong investor demand. It is seeking to raise the equivalent of up to $9.8 billion.

That would be the largest initial public offering in Asia this year, and one of the biggest ever on an exchange in mainland China.

The Chinese chip maker is tapping sky-high investor enthusiasm. Last week, SK Hynix, a South Korean memory chip giant, raised $26.5 billion by selling shares in the United States, in the largest such offering on Wall Street by a non-U.S. company.

Article source: https://www.nytimes.com/2026/07/15/business/china-chips-cxmt-ipo.html