ChangXin Memory Tech Files for Record 9.8 Billion Dollar IPO

ChangXin Memory Technologies announced plans to raise between 57.9 billion yuan ($8.6 billion) and 66.6 billion yuan ($9.8 billion) through an initial public offering on the Shanghai Stock Exchange. If the overallotment option is exercised, the sale would mark China's largest mainland IPO since 2010 and its biggest tech share sale in history.

Based in Anhui, the company is the world's fourth-largest DRAM chipmaker. The capital raise is intended to help the firm compete with industry giants Samsung Electronics, SK hynix, and Micron. This expansion aims to support China's artificial intelligence infrastructure and reduce the country's dependence on foreign hardware.

Public subscriptions for the shares are scheduled to begin Thursday at 8.66 yuan per share. While the company appears on a Pentagon list of firms with alleged military ties, Apple Inc. is reportedly testing its DRAM chips for use in products amid global shortages.