China's ChangXin Memory has gone from rounding error to the world's #4 DRAM maker. Here's who they are and why the market is paying attention.
CXMT (ChangXin Memory Technologies) is a Chinese DRAM manufacturer. After years as a marginal player, it has become the world's fourth-largest DRAM maker, behind only Samsung, SK hynix, and Micron, and is investing in advanced DRAM and HBM research.
CXMT's DRAM market share roughly doubled in two quarters:
Source: TrendForce; company filings, 2026. Directional; trackers revise.
On May 27, 2026, CXMT cleared its Shanghai STAR Market IPO review — the biggest mainland-China IPO since 2022. It aims to raise at least RMB 29.5 billion (~$4.3 billion), potentially topping $5 billion, with proceeds earmarked for wafer capacity, advanced DRAM technology, and HBM R&D.
Source: public IPO filings / press, May 27 2026. Confirmed.
CXMT mostly competes in commodity (older-node) DRAM today, but its capacity additions are a swing factor for the conventional-DRAM half of the market — the segment outside HBM. A well-funded fourth maker changes the long-run supply picture, even as the big three concentrate on premium HBM for AI.
Track CXMT's share alongside Samsung, SK hynix, and Micron on the live DRAMWatch dashboard — with the HBM roadmap and DRAM pricing in one place.