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ChangXin Memory Technologies

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ChangXin Memory Technologies
CXMT
Native name
长鑫存储技术有限公司
Zhǎngxīn Cúnchú Jìshù Yǒuxiàn Gōngsī
FormerlyInnotron Memory[1]
Hefei Chang Xin
Hefei Rui-li Integrated Circuit Manufacturing
TypePrivate
IndustrySemiconductors
FoundedMay 2016; 10 years ago (2016-05)
Headquarters
Hefei, Anhui
,
China
Key people
Zhu Yiming (Chairman & CEO)
ProductsDRAM
Number of employees
3,000 (2019)[1]
Websitewww.cxmt.com Edit this at Wikidata

ChangXin Memory Technologies (CXMT; Chinese: 长鑫存储; pinyin: chángxīn cúnchú)[a] is a Chinese semiconductor integrated device manufacturer headquartered in Hefei, Anhui, specializing in the production of DRAM memory.

As of 2020, ChangXin manufactured LPDDR4 and DDR4 memory on a 19 nm process, with a capacity of 40,000 wafers per month.[2] The company was producing 720,000 wafers per quarter by the end of 2025.[3]

In 2025, it unveiled DDR5 DRAM and planned a Shanghai initial public offering to fund production upgrades and advanced DRAM research and development.[4]

History

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Together with Fujian Jinhua Integrated Circuit (JHICC) and Xi'an UniIC Semiconductors, Innotron was one of a set of Chinese semiconductor plants established in 2016 to compete with global manufacturers of computer memory.[5][6][7] In 2017, a $7.2 billion deal for a 125,000, 12" (300mm) wafer per month production fabrication plant was announced.[8] Innotron's factory was completed by the middle of 2017,[6] and production equipment was installed at the plant in late 2017. Trials and mass production were scheduled for late 2018 and early 2019.[9][10] In 2018, CEO Zhu Yiming was reported to have visited ASML to discuss the purchase of extreme ultraviolet lithography machines.[10]

Initially, Innotron was thought to have chosen 8GB LPDDR4 memory as its first product. At the time, analysts claimed that patent and IP issues would present a barrier to its competing with major manufacturers.[6] In the middle of 2018, trial production of 19 nm 8GB LPDDR4 was reported to have begun.[11] Innotron's initial capacity was ~20,000 wafers per month; a small output in terms of the industry as a whole.[5]

In 2019, Innotron, which had changed its name to Changxin Memory Technologies, was reported to have made some design changes in an attempt to avoid possible technology-related sanctions deriving from the China–United States trade war.[12] In December 2019, in an interview with EE Times, the company stated its first fab was in production and producing 20,000 wafers per month, making 8GB LPDDR4 and DDR4 DRAM at 19 nm.[1]

The company is reported to have increased production to 6% of the world DRAM output as of Q1 2025 with aim to increase to 10% by Q4 2025.[13] It started selling DDR5 SDRAM around the start of 2025.[14]

Corporate structure and listing plans

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The 2026 IPO prospectus identified the issuer as ChangXin Technology Group Co., Ltd., also named in English as CXMT Corporation. It stated that the company had no controlling shareholder and no actual controller. The prospectus identified five direct shareholders holding more than 5% of the company: Qinghui Jidian with 21.67%, ChangXin Integrated with 11.71%, China Integrated Circuit Industry Investment Fund Phase II with 8.73%, Hefei Jixin with 8.37%, and Anhui Investment with 7.91%.[15]

Reuters reported in December 2025 that CXMT planned to raise 29.5 billion yuan through an initial public offering of 10.6 billion shares in Shanghai.[4] The prospectus described the planned listing as an offering of renminbi ordinary shares on the Shanghai Stock Exchange STAR Market and said the public issue would account for at least 10% of post-issue share capital before any over-allotment option.[15] In June 2026, the China Securities Regulatory Commission approved the registration of the IPO, with the approval valid for 12 months from the date of registration.[16]

The prospectus said the planned net proceeds would be allocated to three projects: 7.5 billion yuan for memory-wafer production-line technology upgrades, 13 billion yuan for DRAM memory-technology upgrades, and 9 billion yuan for forward-looking DRAM research and development.[15] Reuters reported in June 2026 that the planned Shanghai IPO would be the largest Chinese IPO of the year and part of a broader rebound in onshore technology listings.[17]

U.S. federal ban

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In 2022, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 banned the U.S. federal government from buying or using chips from CXMT.[18] In March 2024, Bloomberg News reported that the United States Department of Commerce's Bureau of Industry and Security was weighing sanctions on CXMT.[19] In June 2026, the US Department of Defense added CXMT to a list of Chinese military-linked companies.[20]

Operations and products

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Reuters reported in December 2025 that CXMT operated three 12-inch DRAM fabrication plants in Beijing and Hefei. Its prospectus, cited by Reuters, said the company had developed four generations of DRAM technology and held 4% of the global DRAM market in the second quarter of 2025. The same report said Samsung Electronics, SK Hynix and Micron Technology together held more than 90% of the market.[4]

CXMT's website lists DDR5 and DDR5 module products, LPDDR5 and LPDDR5X products, DDR4 and DDR4 module products, and LPDDR4X products.[21] Reuters reported that the company unveiled its latest DDR5 DRAM chips in November 2025 and planned to use proceeds from a proposed Shanghai initial public offering to upgrade production lines, develop advanced DRAM and expand its product line.[4]

The company has also invested in high-bandwidth memory (HBM), a specialised form of DRAM used with artificial-intelligence processors. Reuters reported that CXMT aimed to begin production by the end of 2026 at an HBM back-end packaging facility in Shanghai.[4]

In May 2026, Reuters reported from a renewed prospectus that CXMT expected first-half revenue of 110 billion to 120 billion yuan. The report said first-quarter revenue had risen by more than 700% year on year to 50.8 billion yuan, with the company attributing the increase to higher DRAM prices, expanded output and an improved product mix.[22]

Trade theft allegations

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CXMT has been involved in a number of intellectual property theft cases. In 2023, ten former Samsung employees were arrested for allegedly stealing trade secrets from Samsung. The stolen technology cost Samsung over US$1 billion to develop over a five-year period. At the time, Samsung's 10 nm node was the only process used for mass-producing 10 nm class DRAM. One of the employees is a former Samsung executive and has since taken up a role at CXMT as head of development. The trade secrets allegedly allowed CXMT to skip a large amount of the time and cost intensive development processes.

In separate incidents, 2 SK Hynix engineers have been arrested, one of which was given an 18-month sentence for allegedly attempting to sell trade secrets to Huawei. The other is suspected of trying to leak HBM process technology obtained through their position at SK Hynix.[23]

See also

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Notes

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  1. ↑ Formerly known as Innotron Memory, Hefei Chang Xin, or Hefei Rui-li Integrated Circuit Manufacturing.[citation needed]

References

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  1. 1 2 3 Yoshida, Junko (3 December 2019). "ChangXin Emerging as China's First & Only DRAM Maker". EE Times. Archived from the original on 8 December 2019. Retrieved 27 June 2026.
  2. ↑ Mellor, Chris (2020-10-13). "Micron said to be mulling action against Chinese DRAM maker CXMT – report". Blocks & Files. Archived from the original on 2021-08-16. Retrieved 2021-08-16.
  3. ↑ "China's CXMT and YMTC boost DRAM and NAND production, disrupting global market". 20 July 2025. Retrieved 20 July 2025.
  4. 1 2 3 4 5 Pan, Che; Goh, Brenda (31 December 2025). "China's CXMT eyes $4.2 billion Shanghai listing to fund DRAM expansion". Reuters. Retrieved 27 June 2026.
  5. 1 2 Shilov, Anton (25 Apr 2018), "Chinese DRAM Industry Spreading Its Wings: Two More DRAM Fabs Ready", www.anandtech.com, archived from the original on 4 January 2019, retrieved 4 January 2019
  6. 1 2 3 "The Three Major Chinese Memory Companies Arrange Trial Production to Begin in 2H18 and Formal Production in 2019, Says TrendForce", trendforce.com, 19 Apr 2018, archived from the original on 4 January 2019, retrieved 4 January 2019
  7. ↑ "China set to produce first locally designed DRAM chip". Nikkei Asian Review. 12 June 2019. Archived from the original on 15 May 2020. Retrieved 15 May 2020.
  8. ↑ "China firms to invest CNY18 billion to develop 19nm DRAM technology", chinaflashmarket.com, 31 Oct 2017[permanent dead link]
  9. ↑ Roos, Gina (26 Apr 2018), "Three Chinese Companies to Start Memory IC Production in 2018", epsnews.com, archived from the original on 4 January 2019, retrieved 4 January 2019
  10. 1 2 Ting-Fang, Cheng (22 Oct 2018), "Chinese state-backed chipmaker targets Europe amid US resistance", nikkei.com, archived from the original on 4 January 2019, retrieved 4 January 2019
  11. ↑ Manners, David (19 July 2018), "China memory production gets closer", www.electronicsweekly.com, archived from the original on 4 January 2019, retrieved 4 January 2019
  12. ↑ Ting-Fang, Cheng (12 June 2019), "China set to produce first locally designed DRAM chip - Changxin Memory minimizes US tech to avoid trade war fallout", Nikkei, archived from the original on 15 February 2020, retrieved 14 February 2020
  13. ↑ Eun-Jin, Kim (20 June 2025). "CXMT Boosts DRAM Production by 50% in China". Businesskorea. Retrieved 20 July 2025.
  14. ↑ AleksandarK (30 January 2025). "CXMT Ships 16 nm G4 DDR5 Memory in Commercial DDR5-6000 Kits". TechPowerUp. TechPowerUp. Retrieved 19 December 2025.
  15. 1 2 3 长鑫科技集团股份有限公司首次公开发行股票并在科创板上市招股说明书（申报稿） [ChangXin Technology Group Co., Ltd. prospectus for initial public offering and STAR Market listing] (PDF) (in Chinese). Shanghai Stock Exchange. 17 May 2026. Retrieved 27 June 2026.
  16. ↑ 关于同意长鑫科技集团股份有限公司首次公开发行股票注册的批复 [Reply approving the registration of ChangXin Technology Group Co., Ltd.'s initial public offering] (in Chinese). China Securities Regulatory Commission. 5 June 2026. Retrieved 27 June 2026.
  17. ↑ Wu, Kane; Ngui, Yantoultra (26 June 2026). "Chinese AI, chip firms are driving an onshore IPO rebound". Reuters. Retrieved 27 June 2026.
  18. ↑ "US adds 36 Chinese companies to trade blacklist". Financial Times. 2022-12-15. Archived from the original on 2023-10-13. Retrieved 2022-12-17.
  19. ↑ "US mulls blacklisting CXMT to curb China's chip advance, Bloomberg News says". Reuters. 9 March 2024. Retrieved 9 March 2024.
  20. ↑ Martina, Michael; Shepardson, David; Baptista, Eduardo (June 8, 2026). "US says BYD, Baidu, Alibaba and other tech giants are aiding China's military". Reuters. Retrieved June 10, 2026.
  21. ↑ "Products". CXMT. Retrieved 27 June 2026.
  22. ↑ Pan, Che; Chen, Laurie (18 May 2026). "China's CXMT expects revenue to surge as memory chip demand soars". Reuters. Retrieved 27 June 2026.
  23. ↑ Jacobs, Skye (26 Dec 2025). "Ten former Samsung employees charged over DRAM technology leak to China". Techspot. Retrieved 13 June 2026.
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