Inside CXMT’s US$4.3b IPO: soaring profits meet US export threat and high-stakes HBM race

South China Morning Post - Jul 2, 2026

As China’s leading DRAM maker ChangXin Memory Technologies (CXMT) prepares for its expected 29.5 billion yuan (US$4.3 billion) Shanghai Star Market listing, the critical question facing investors is whether the firm can convert its cyclical windfall into permanent industry leadership. The Hefei-based chipmaker enters the market at a uniquely lucrative moment: a global memory shortage driven by surging artificial intelligence computing demand has triggered a massive upcycle in pricing, delivering...

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China creates state-owned firm in Xiongan to develop nation’s AI data resources

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China has set up a new state-owned enterprise dedicated to managing the country’s massive data resources, a significant move designed to turbocharge the nation’s artificial intelligence industry and bolster its digital economy. The National Data Group Co – based in China’s “city of the future”, Xiongan New Area in northern Hebei province – is tasked with “developing and utilising data resources, unlocking the value of data elements, serving AI development and fostering a data industry...

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

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Alibaba Group Holding’s research arm, Damo Academy, has seen more than 6 billion chips shipped based on its XuanTie RISC-V architecture, marking a milestone as the tech giant doubles down on the open standard in artificial intelligence and automotive systems. Meng Jianyi, chief scientist at Damo Academy, announced the figure on Monday at the annual RISC-V Summit China in Shenzhen. The achievement comes as Chinese companies seek to play a greater role in the global RISC-V ecosystem, an...

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba Group Holding’s research arm, Damo Academy, has seen more than 6 billion chips shipped based on its XuanTie RISC-V architecture, marking a milestone as the tech giant doubles down on the open standard in artificial intelligence and automotive systems. Meng Jianyi, chief scientist at Damo Academy, announced the figure on Monday at the annual RISC-V Summit China in Shenzhen. The achievement comes as Chinese companies seek to play a greater role in the global RISC-V ecosystem, an...

CXMT shares fall 7.8% despite blockbuster earnings figures

CXMT shares fall 7.8% despite blockbuster earnings figures

Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout. CXMT shares dropped 7.8 per cent on Monday to close at 41.52 yuan. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before paring back gains. The market reaction...

CXMT shares fall 7.8% despite blockbuster earnings figures

CXMT shares fall 7.8% despite blockbuster earnings figures

Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout. CXMT shares dropped 7.8 per cent on Monday to close at 41.52 yuan. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before paring back gains. The market reaction...

The AI promise was automation. The reality? Managing digital workers

The AI promise was automation. The reality? Managing digital workers

When artificial intelligence agents first arrived, they came with a tantalising promise: autonomous “digital workers” that would finally free humans from corporate drudgery. As businesses across Asia are discovering, however, the reality is quite the opposite – more work, new friction and a whole new layer of management. When Xiao Mengjie, an AI product marketing manager at a Big Tech firm in Shanghai, recently assigned two AI agents what she described as a simple task, she expected efficiency....

The AI promise was automation. The reality? Managing digital workers

The AI promise was automation. The reality? Managing digital workers

When artificial intelligence agents first arrived, they came with a tantalising promise: autonomous “digital workers” that would finally free humans from corporate drudgery. As businesses across Asia are discovering, however, the reality is quite the opposite – more work, new friction and a whole new layer of management. When Xiao Mengjie, an AI product marketing manager at a Big Tech firm in Shanghai, recently assigned two AI agents what she described as a simple task, she expected efficiency....

China’s proposed AI tech export bans may create short-term costs, long-term gains: analysts

China’s proposed AI tech export bans may create short-term costs, long-term gains: analysts

China’s proposed export bans and controls of artificial intelligence technologies aim to tighten Beijing’s grip in the strategically vital sector, casting a cloud over the commercial prospects of domestic model developers in the global AI race, analysts say. The new measures come as concerns mount globally over the risks of advanced AI systems, following a string of recent cyberattacks, while also underscoring AI’s growing national security importance for both Beijing and Washington. Zhang Yi,...

China’s proposed AI tech export bans may create short-term costs, long-term gains: analysts

China’s proposed AI tech export bans may create short-term costs, long-term gains: analysts

China’s proposed export bans and controls of artificial intelligence technologies aim to tighten Beijing’s grip in the strategically vital sector, casting a cloud over the commercial prospects of domestic model developers in the global AI race, analysts say. The new measures come as concerns mount globally over the risks of advanced AI systems, following a string of recent cyberattacks, while also underscoring AI’s growing national security importance for both Beijing and Washington. Zhang Yi,...

Alibaba to embed AI throughout Taobao, Tmall merchant operations in 2027: executive

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Alibaba Group Holding’s two major domestic online marketplaces, Taobao and Tmall, plan to greatly expand the use of artificial intelligence across merchants’ operations next year, a senior executive said, as the e-commerce giant doubles down on the technology to drive growth amid a challenging consumer landscape. “Starting next year, AI will comprehensively enter the internal enterprise workflows of merchants,” Liu Bo, president of Tmall, said at the company’s Singles’ Day media briefing on...

Alibaba to embed AI throughout Taobao, Tmall merchant operations in 2027: executive

Alibaba to embed AI throughout Taobao, Tmall merchant operations in 2027: executive

Alibaba Group Holding’s two major domestic online marketplaces, Taobao and Tmall, plan to greatly expand the use of artificial intelligence across merchants’ operations next year, a senior executive said, as the e-commerce giant doubles down on the technology to drive growth amid a challenging consumer landscape. “Starting next year, AI will comprehensively enter the internal enterprise workflows of merchants,” Liu Bo, president of Tmall, said at the company’s Singles’ Day media briefing on...

ASML eyes hybrid bonding, report finds, as Chinese firms adopt chip packaging technique

ASML eyes hybrid bonding, report finds, as Chinese firms adopt chip packaging technique

Dutch semiconductor equipment giant ASML is expanding into next-generation hybrid bonding, a technique that creates dense electrical connections by directly joining chips or silicon wafers, according to a new report. Major Chinese companies are also adopting the technology to improve chip performance. ASML submitted 27 patent families related to hybrid bonding tools between December 2022 and November 2024, according to a report published by semiconductor and AI supply chain research firm...

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