Chinese Memory Chip Leader CXMT to Launch $85 Billion IPO

China’s largest memory chip manufacturer, ChangXin Memory Technologies (CXMT), is set to go public in what will be the country’s biggest chip listing to date. The Shanghai IPO is priced at 8.66 yuan ($1.28) per share, with the offering expected to raise approximately 57.9 billion yuan, or $8.5 billion. This milestone IPO will see CXMT surpassing the record set by SMIC in 2020, becoming the largest listing by a Chinese semiconductor company on a mainland exchange. CXMT’s IPO entails selling nearly 6.7 billion shares, representing about 10% of the company’s ownership. At the pricing, the Hefei-based firm could achieve a…