A Chinese chip giant is poised to go public in Asia’s largest market debut of the year, as it benefits from intense demand for memory.
CXMT, which nearly doubled the fundraising target for its Shanghai offering, is increasingly central to Beijing’s efforts to achieve technological self-sufficiency. The chip industry also provides an economic boost to an otherwise sluggish Chinese economy. “CXMT encapsulates many of China’s technology ambitions in a single company,” a tech expert said.
Investors and governments around the world are heavily investing in the chip sector: South Korea’s SK Hynix raised $26.5 billion in its US debut last week, and India’s government approved $13 billion to support its domestic semiconductor sector.
