Chinese chipmaker eyes raising US$1b in city

Staff reporter

Mainland dynamic random-access memory chip manufacturer ChangXin Memory Technologies is considering a listing in Hong Kong to raise US$1 billion (HK$7.8 billion) this year, according to an IFR report.

This comes after the United States earlier this year added CXMT to its Chinese military company list, which also includes several other Chinese tech giants such as Tencent (0700) and battery manufacturer CATL for alleged links to the Chinese military.

Founded in 2016, CXMT is one of the largest memory chip manufacturers in China, specializing in the design, development, production and sales of DRAM chips.

Meanwhile, GEM, one of the top two environmental companies in China, has announced plans to go public in Hong Kong in April, according to mainland media. The company is currently listed on the Shenzhen Stock Exchange. It has also been listed on the Swiss Stock Exchange since 2022.

The forthcoming Hong Kong listing, part of its global expansion strategy, aims to help the firm gain further access to international markets.

The company recorded a net profit of 908 million yuan (HK$966 million) in the first nine months of 2024 - up 65 percent year-on-year. The revenue reached 24.9 billion yuan in the same period - up 23 percent.

GEM's principal businesses involve recycling batteries, e-waste and scrap vehicles. It also produces materials for the new energy industry, such as battery precursors and cathode materials.