Exclusive-Chipmaker CXMT plans Shanghai listing with $42 billion valuation, sources say

By Liam Mo, Che Pan and Fanny Potkin

BEIJING/SINGAPORE (Reuters) -Chinese memory chipmaker ChangXin Memory Technologies (CXMT) plans an initial public offer in Shanghai as soon as the first quarter of next year, eyeing a valuation of up to 300 billion yuan ($42.12 billion), two sources briefed on the matter said.

Founded in 2016 with government backing, CXMT leads China’s strategic push to build a foothold in a global DRAM market long dominated by companies from Japan, South Korea and the United States.

China’s leading manufacturer of dynamic random access memory (DRAM) aims to raise between 20 billion and 40 billion yuan from the offering, the two sources said.

A third source said it aimed to raise about 30 billion yuan and could unveil its prospectus to investors as early as November