China memory giant CXMT valued at US$85 billion in record Shanghai IPO

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ChangXin Memory Technologies (CXMT), a leading Chinese memory chip manufacturer headquartered in Hefei, Anhui province, has launched its Shanghai IPO with a valuation of US$85 billion. The IPO is the largest ever for a Chinese semiconductor company on a mainland exchange, expected to raise $8.5 billion.

China’s leading memory chipmaker, ChangXin Memory Technologies (CXMT), has priced its Shanghai initial public offering at 8.66 yuan (US$1.28) apiece, positioning the company for the largest listing by a Chinese semiconductor company on a mainland bourse. The firm, based in Hefei, Anhui province, is expected to raise gross proceeds of 57.9 billion yuan (US$8.5 billion) from the sale of nearly 6.7 billion shares, according to an offering announcement released on Tuesday. The shares represent 10...