Chinese memory maker CXMT posts blistering 466% leap in Shanghai IPO — bulk of spending to be focused on DRAM production, no HBM in sight

CXMT surged 466% on its Shanghai debut, briefly becoming the mainland market’s most valuable listed company after raising $8.6 billion.

The prospectus shows most IPO proceeds will fund DRAM technology upgrades, R&D, and wafer-line improvements, not a dedicated HBM push.

The China memory leader is also expanding DRAM output and winning large server-memory deals, though analysts remain split on valuation.