Media365
CXMT, the parent of Chinese semiconductor firm ChangXin Memory Technologies, has initiated its initial public offering (IPO) process on the mainland, as it seeks funding to bolster growth amid an upswing in the global market for memory chips.
CXMT has completed IPO counselling recordation – the formal filing of pre-listing guidance – with the China Securities Regulatory Commission (CSRC), according to a statement on the securities watchdog’s website on Monday.
The step is a prerequisite for companies seeking to list on the mainland.
CXMT was founded in Hefei, the capital of eastern Anhui province, in 2016, with a registered capital of 60.19 billion yuan (US$8.34 billion).
China International Capital Corp and China Securities were the IPO sponsors, the filing showed. No details were available on the timing of the IPO or the funds to be raised. The IPO, if it goes through, will make CXMT the first memory-chip maker to list on the A-share market.
CXMT counts Hefei Qinghui Jidian Enterprise Management Partnership as its largest stakeholder with a 24.3 per cent share. Hefei Changxin Integrated Circuit and China Integrated Circuit Industry Investment Fund Phase II are the second and third-largest shareholders, with stakes of 12.4 per cent and 9.8 per cent, respectively, according to data from the business registry QCC.com.
