CXMT Hefei · 长鑫存储

ChangXin Memory Technologies (CXMT) | Memory

China’s leading DRAM maker (long known as Innotron/Hefei Chang Xin before its current name), majority state-controlled via Hefei SASAC and the Big Fund, no…

Published

October 11, 2026

Why This Matters

China’s leading DRAM maker (long known as Innotron/Hefei Chang Xin before its current name), majority state-controlled via Hefei SASAC and the Big Fund, now the world’s fourth-largest DRAM producer by capacity. Went public on the Shanghai STAR Market on 27 July 2026 — China’s largest A-share IPO of the year — with total proceeds of ¥66.607 billion at ¥8.66/share; its H1 2026 interim report showed revenue of roughly ¥150.31 billion (+873.6% YoY), placing it fourth in China and fourth globally in DRAM by volume and value.

Chinese name: 长鑫存储 (Chángxīn Cúnchǔ)

What does this facility make?

DRAM chips on 12-inch (300mm) wafers, now including DDR5-capable products.

Why does it matter?

DRAM has been China’s slower memory story relative to YMTC’s NAND — CXMT’s rise to fourth-largest globally marks a real capability jump, arriving alongside a January 2025 US Department of Defense listing as a Chinese military-linked entity under Section 1260H — a designation legally distinct from the Commerce Department’s Entity List: 1260H does not itself restrict exports, but a subsequent statutory provision (FY2024 NDAA Section 805) bars US Department of Defense contracting with listed entities effective mid-2026. A June 2026 Pentagon update revised the 1260H list further; this tracker has not independently verified CXMT’s exact status in that later revision, so the January 2025 addition is recorded as the confirmed fact. Domestic capacity reporting put CXMT above 300,000 wafers/month (DRAM equivalent) in early 2026, targeting roughly 350,000/month by year-end across Hefei, a Shanghai line, and Beijing — nearing contemporaneous estimates of Micron’s own monthly capacity — with a second Beijing DRAM fab reportedly in planning as of August 2026.

Key Facts

Company	ChangXin Memory Technologies (CXMT)
Type	Memory
Category	State-Backed
Capability	DRAM, 12-inch (300mm) wafers
Status	Operational
Capacity	150,000 wafers/month (300mm), as of 2025-01 — sum of two Hefei fabs: Fab 1 100,000 (19nm DDR4) + Fab 2 50,000 (17nm DDR5); press, not company-disclosed
Investment	$7,200M
Funding Source	Local Govt
Location	Hefei, Anhui
Current Node	DDR5-capable node (exact process width not disclosed)
Entity List	Yes — US DoD 1260H List (Chinese Military Companies) (07 Jan 2025)
Equipment Origin	Not yet assessed
Last Verified	Not recorded (newest source dated Sep 2026)

Technical Complexity

4.4/5

Technology Node Trajectory

2020: 19nm-class DRAM
2025: DDR5-capable node (exact process width not disclosed)

Project Timeline

May 2016 — Founded as Innotron Memory / Hefei Chang Xin
Jan 2017 — $7.2 billion investment announced for a 125,000 wafer/month 12-inch DRAM fab
Jan 2025 — Added to the US Department of Defense’s Section 1260H list of Chinese military-linked companies (Federal Register notice)
Jun 2026 — STAR Market IPO registration approved; the listing then raises total proceeds of ¥66.607 billion (net ¥66.31 billion, including ~¥36.8 billion of over-subscription) at ¥8.66/share — China’s largest A-share IPO of 2026 — with shares up 471% on the first day of listing, 2026-07-27
Aug 2026 — Reported to be planning a second DRAM fab in Beijing
Sep 2026 — Reuters, via Chinese reprints, reports CXMT is preparing to enter NAND flash with an R&D pilot line inside the planned Beijing fab
Sep 2026 — Fifth-generation (G5) DRAM platform declared in production — ~12nm-class half-pitch on ArF immersion multi-patterning — followed by an October 2026 statement that G5/LPDDR6 are in mass production

Sources

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