Key facts
- CXMT plans to invest 34.9 billion yuan ($5.2 billion) in expansion.
- A large portion of the capital will go to domestic suppliers of chipmaking equipment.
- The firm will spend 24.1 billion yuan on a new technology R&D project.
- Another 10.8 billion yuan will be spent on the second phase of a wafer testing base.
- CXMT's DDR5 products support speeds up to 8000 MT/s with 16Gb and 24Gb densities.
- CXMT aims for HBM3E production by 2027.
Chinese memory chip giant ChangXin Memory Technologies (CXMT) is planning a significant expansion, investing 34.9 billion yuan (US$5.2 billion) to boost its memory chip production capacity. According to a source, a substantial portion of this capital will be allocated to domestic suppliers for chipmaking equipment. The investment is earmarked for a new technology research and development project (24.1 billion yuan) and the second phase of a wafer testing base (10.8 billion yuan).
CXMT is a key player in China's DRAM strategy, aiming to close the gap with global leaders like Samsung, SK hynix, and Micron. The company officially introduced its DDR5 product portfolio in November 2025, offering chips that support speeds up to 8000 MT/s and die densities of 16Gb and 24Gb, targeting servers, workstations, and personal computers. While global leaders have advanced to 32Gb DDR5 dies, CXMT's progress is seen as a major step for China's memory ambitions.
The broader market context favors CXMT, with global DRAM demand continuing to exceed supply. CXMT anticipates first-half 2026 revenue between 110 billion yuan and 120 billion yuan (about $17.62 billion). Its first-quarter revenue surged over 700% year-over-year to 50.8 billion yuan, driven by higher DRAM prices, increased output, and an improved product mix. In Q2 2025, CXMT held approximately 4% of the global DRAM market, with the top three suppliers controlling over 90% combined. CXMT is also seeking to raise 29.5 billion yuan (about $4.22 billion) through a Shanghai listing to upgrade production lines and advance DRAM technology.
Other Chinese memory module vendors are also accelerating DDR5 production, utilizing CXMT's chips. Powev has mass-produced its Sinker branded DDR5 server memory, and Comay has released DDR5 products for industrial and enterprise applications. Consumer-focused DDR5 modules based on domestic DRAM chips are also becoming more widely available.
The policy environment for Chinese memory makers remains dynamic. A withdrawn Pentagon list in February 2026 had briefly removed CXMT and YMTC from its list, though the reasons for the withdrawal were unclear and some removals were reportedly still under review.