China’s CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
New DDR5 series chips and modules from CXMT displayed at the 22nd China International Semiconductor Expo. Photo: Gu Zhaowei/Caixin
China’s top memory chipmaker has joined the ranks of Samsung Electronics Co. Ltd. and SK Hynix Inc. in supplying some of the world’s most advanced products, marking a major step forward in the country’s push for self-sufficiency in artificial intelligence hardware.
ChangXin Memory Technologies Inc. (CXMT) on Nov. 23 unveiled its first domestically developed Double Data Rate 5 (DDR5) dynamic random-access memory (DRAM) chips — high-frequency, high-capacity components designed for cutting-edge AI computing servers and systems.
The DDR5 chips, released at the China International Semiconductor Expo in Beijing, boast speeds of up to 8,000 megabits per second and a maximum single-die capacity of 24 gigabits. CXMT is offering seven module types tailored for use in servers, workstations, and personal computers and has already begun supplying the products to Lenovo Group Ltd.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- ChangXin Memory Technologies (CXMT) unveiled China’s first domestically developed DDR5 DRAM chips, reaching speeds up to 8,000 Mbps and capacities of 24 gigabits.
- CXMT is supplying Lenovo, plans mass production of a 96GB module in 2026, and claims about 30% of China’s smartphone LPDDR market.
- In 2024, CXMT generated $2.8–$4.2 billion revenue but held only 4.9% of global DRAM market vs. 93.4% by Samsung, SK Hynix, and Micron.
AI generated, for reference only
Who’s Who
- Samsung Electronics Co. Ltd.
- Samsung Electronics Co. Ltd. is a major South Korean memory chipmaker. It is one of the dominant players in the global DRAM market, holding a significant share alongside SK Hynix and Micron Technology Inc. The company has long held a leadership position in high-end DRAM technology, which China is now striving to achieve self-sufficiency in.
- SK Hynix Inc.
- SK Hynix Inc. is a South Korean company, and along with Samsung and Micron, it dominates the global DRAM market. It holds a significant share, with all three companies collectively accounting for 93.4% of the market as of the second quarter of 2025. This indicates its strong position in supplying advanced memory products.
- ChangXin Memory Technologies Inc. (CXMT)
- ChangXin Memory Technologies Inc. (CXMT) is China's top memory chipmaker, recently unveiling its first domestically developed DDR5 DRAM chips for AI computing. These chips offer high speeds and capacity, with CXMT already supplying Lenovo. Founded in 2016, CXMT is China's only vertically integrated producer of general-purpose DRAM chips and is preparing for an IPO.
- Lenovo Group Ltd.
- Lenovo Group Ltd. is an important customer for ChangXin Memory Technologies Inc. (CXMT). CXMT has begun supplying its newly unveiled domestically developed Double Data Rate 5 (DDR5) dynamic random-access memory (DRAM) chips to Lenovo. These high-frequency, high-capacity components are designed for cutting-edge AI computing servers, workstations, and personal computers.
- Tencent Holdings Ltd.
- Tencent Holdings Ltd. is currently working with ChangXin Memory Technologies Inc. (CXMT) to validate their domestically developed Double Data Rate 5 (DDR5) dynamic random-access memory (DRAM) chips for server deployment. These chips are high-frequency, high-capacity components designed for cutting-edge AI computing servers and systems.
- ByteDance Ltd.
- ByteDance Ltd. is mentioned as a company that ChangXin Memory Technologies Inc. (CXMT) is collaborating with. They are working together to validate CXMT's new Double Data Rate 5 (DDR5) dynamic random-access memory (DRAM) chips for server deployment.
- Micron Technology Inc.
- Micron Technology Inc. is a U.S.-based company that dominates the high-end DRAM market, alongside South Korea's Samsung and SK Hynix. As of Q2 2025, these three companies collectively held 93.4% of the global DRAM market.
- Xiaomi Corp.
- Xiaomi Corp. will be using ChangXin Memory Technologies Inc.'s (CXMT) LPDDR5X chips in its premium handsets this year. CXMT's LPDDR products presently hold roughly 30% of the domestic smartphone market.
- China International Capital Corp. Ltd.
- China International Capital Corp. Ltd. (CICC) is one of the financial institutions involved in the IPO tutoring process for ChangXin Memory Technologies Inc. (CXMT). CICC, along with CSC Financial Co. Ltd., completed this tutoring on October 8.
- CSC Financial Co. Ltd.
- CSC Financial Co. Ltd. (中信建投证券股份有限公司) is involved in ChangXin Memory Technologies Inc.'s (CXMT) initial public offering (IPO) preparations. Along with China International Capital Corp. Ltd., CSC Financial Co. Ltd. completed IPO tutoring for CXMT on October 8th, as per regulatory filings.
- Changxin Technology Group Co. Ltd.
- Changxin Technology Group Co. Ltd. is the parent company of ChangXin Memory Technologies Inc. (CXMT). In March 2024, it aimed to raise 10.8 billion yuan in a funding round, valuing the company at nearly 140 billion yuan.
- ZICC
- ZICC (群智咨询) is a market consultancy. Zhang Binlei, ZICC's chief analyst, stated that CXMT's new DDR5 product meets mainstream benchmarks but lags global peers in manufacturing process. Zhang noted that CXMT might be the first globally to release an LPDDR6 chip in the second half of 2026.
- TrendForce Corp.
- TrendForce Corp. is a data provider that reports on the global DRAM market. As of the second quarter of 2025, their data showed that Samsung, SK Hynix, and Micron collectively held 93.4% of the global DRAM market, while CXMT and other players accounted for only 4.9%. TrendForce data also indicated traditional DRAM prices climbed 10% to 15% quarter-on-quarter in the third quarter.
- Morgan Stanley
- Morgan Stanley observed a significant increase in DDR5 spot prices, noting a jump of over 260% in a two-month period. This highlights the recent surge in the DRAM sector, driven by strong demand for AI servers.
- Omdia
- Omdia is referenced as a source for research and analysis, with He Hui, a research director there, providing insight into market timing and its potential impact on CXMT's IPO valuation.
AI generated, for reference only
What Happened When
- 2016：
- ChangXin Memory Technologies Inc. (CXMT) was founded.
- March 2024：
- CXMT’s parent, Changxin Technology Group Co. Ltd., released a plan to raise 10.8 billion yuan, valuing the company at nearly 140 billion yuan before the deal.
- 2024：
- CXMT generated revenue of between 20 billion and 30 billion yuan.
- 2024：
- Memory chips accounted for about a quarter of China’s $385.6 billion integrated circuit imports.
- By the second quarter of 2025：
- Samsung, SK Hynix, and Micron held a combined 93.4% of the global DRAM market; CXMT and other players together accounted for only 4.9%.
- 2025：
- CXMT began supplying DDR5 products to Lenovo Group Ltd.
- 2025：
- CXMT worked with Tencent Holdings Ltd. and ByteDance Ltd. to validate DDR5 chips for server deployment.
- 2025：
- CXMT claimed about 30% of the domestic smartphone market for its LPDDR products.
- 2025：
- CXMT was preparing for an IPO on a Chinese mainland exchange and planned to list on Shanghai’s STAR Market under revived standards from June 2025.
- October 2025：
- CXMT introduced its LPDDR5X chips for smartphones.
- Oct. 8, 2025：
- CXMT completed IPO tutoring with China International Capital Corp. Ltd. and CSC Financial Co. Ltd.
- November 2025：
- At an event in November 2025, CXMT highlighted its LPDDR5X chips for smartphones.
- Nov. 23, 2025：
- CXMT unveiled its first domestically developed DDR5 DRAM chips at the China International Semiconductor Expo in Beijing.
AI generated, for reference only
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新