ChangXin Memory Technologies (CXMT), a leading Chinese DRAM memory manufacturer, has raised significant capital through state-backed funds and strategic investors to build domestic memory production capacity. With a focus on dynamic random access memory, CXMT plays a central role in China’s effort to reduce reliance on foreign memory suppliers and support the country’s tech independence goals.
Keep reading to learn how CXMT has grown its capital base and production footprint.
What Is ChangXin Memory Technologies and What Does It Do?
Founded in 2016, ChangXin Memory Technologies (CXMT) is a Chinese integrated device manufacturer that designs, develops, and manufactures dynamic random-access memory (DRAM) chips. Headquartered in Hefei, Anhui province, CXMT produces memory products for use in computers, mobile devices, servers, and other computing platforms. The company is part of China’s strategic semiconductor industry growth plan, aiming to build domestic capabilities in memory technologies and reduce dependence on external suppliers.
How Much Funding Has ChangXin Memory Technologies Raised?
1. State-Backed Capital Injection (2023)
- Amount Raised: Approximately $1.99 billion (14.56 billion yuan)
- Date: October 2023
- Valuation: Estimated at ~$19 billion
- Lead Investor: China Integrated Circuit Industry Investment Fund (“Big Fund”)
- Other Investors: Existing shareholder capital increases by Changxin Xinan and Hefei Xinyi
- Purpose: Expand DRAM production capacity and support domestic memory scaling under China’s semiconductor strategy
2. Government-Led Investment (2023)
- Amount Raised: Part of ~$5.4 billion combined state and local investment
- Date: Late 2023
- Lead Investors: China Integrated Circuit Industry Investment Fund Phase II and two government-affiliated investors
- Purpose: Build memory chip manufacturing facilities and enhance DRAM production capability
3. Earlier Strategic Funding (2020–2022)
- Amount Raised: Multiple strategic injections including ~15.6 billion yuan (~$2.2 billion) in financing
- Date: 2020–2022
- Lead Investors: Hefei State-Owned Assets Supervision and Administration Commission, Xiaomi Changjiang Industrial Fund, Zhaoyi Innovation, and other local/state-linked investors
- Purpose: Expand DRAM memory production, support semiconductor ecosystem growth, and fund capital expenditure for domestic fabs
Total Funding Raised: Approximately $5 billion+
Latest Funding Date: Late 2023
Latest Known Valuation: Around $19 billion (approximate, based on recent strategic funding and registered capital increases)
Key Investors
- China Integrated Circuit Industry Investment Fund
- Details: China’s state-backed semiconductor investment fund supporting domestic memory and chip production.
- Focus Areas: Memory manufacturing, semiconductor self-sufficiency, and strategic tech investment.
- Hefei State-Owned Assets Entities
- Details: Local government-linked capital supporting infrastructure and industrial projects.
- Focus Areas: Semiconductor manufacturing and economic development in Anhui province.
- Xiaomi Changjiang Industrial Fund
- Details: China tech investor participating in strategic semiconductor funding.
- Focus Areas: Semiconductor ecosystem, memory chip production, and technology partnerships.
- Zhaoyi Innovation and Related Investors
- Details: Institutional investor groups with positions in CXMT-linked financing.
- Focus Areas: Memory production support and industrial investment in Chinese semiconductor companies.
- Changxin Xinan and Hefei Xinyi
- Details: Existing shareholders increasing capital contributions in late 2023 for expansion.
- Focus Areas: DRAM capacity expansion and strategic scaling.
Where Is ChangXin Memory Technologies’ Headquarters?
ChangXin Memory Technologies is headquartered in Hefei, Anhui, China, serving as the central hub for its memory manufacturing, research and development, and operational leadership.
What’s Next for ChangXin Memory Technologies?
ChangXin Memory Technologies is preparing for a possible initial public offering (IPO) in Shanghai as early as 2026, potentially raising substantial capital for further expansion and targeting future valuations up to and beyond $40 billion. The company continues scaling DRAM production, advancing toward higher-end memory technologies, and enhancing domestic supply chain capabilities amid U.S. export controls and global competition.
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