Reuters reported, citing three people familiar with the matter, that the memory chip agreement was reached ahead of the Chinese manufacturer's closely watched IPO.
Chinese memory chipmaker CXMT has signed a long-term supply agreement with Tencent Holdings worth more than 20 billion yuan, or about $2.94 billion, according to a Reuters report citing three people familiar with the matter. The deal was reached ahead of CXMT's closely watched IPO, linking a major domestic chip supplier with one of China's biggest technology groups at a time when large pre-listing commercial contracts can help underscore demand and revenue visibility.