CXMT weighs second Beijing DRAM fab after $8.6 billion IPO

ChangXin Memory Technologies is considering a second 12-inch DRAM plant in Beijing's Yizhuang area and is seeking at least 60 million yuan in support from the Beijing Economic-Technological Development Area as it expands to meet rising global memory demand tied to artificial intelligence infrastructure. The proposed fab is part of a broader growth push that also includes potential new plants in Shanghai and Hefei. CXMT currently operates three 12-inch DRAM plants, two in Hefei and one in Beijing, each with monthly capacity of about 100,000 wafers. If all of its expansion plans proceed, monthly output would rise to roughly 600,000 wafers. The final investment size, funding structure and plant capacity for the Beijing project remain undecided, and industry estimates suggest an advanced DRAM fab typically costs more than $10 billion. The update also revises details of CXMT's recent public listing. The company listed last month on Shanghai's STAR Market, raising $8.6 billion in the largest IPO by a mainland Chinese semiconductor company. Its market capitalization later reached 3.28 trillion yuan, or about $486.5 billion, and its shares have risen 13% since listing. Counterpoint Research ranks CXMT as the world's fourth-largest DRAM supplier, though Samsung Electronics, SK Hynix and Micron still controlled about 90% of the global DRAM market in the first quarter.