China's CXMT Corp starts IPO counselling process, document shows

CXMT Corporation, the parent company of Chinese dynamic random-access memory chipmaker ChangXin Memory Technologies, has kicked off the counselling process for an initial public offering, a document released by China's securities regulator showed on Monday.

CXMT Corp has hired China state-owned investment banks China International Capital Corporation and CSC Financial for the counselling process, the document showed, which stopped short of details about where and when it will go public.

CXMT is one of the most important fully-owned subsidiaries of CXMT Corp, which had a registered capital of 60.2 billion yuan ($8.39 billion), according to China's business registry website Qichacha.


CXMT carries China's best hopes to catch up with global rivals such as U.S. Micron and South Korean chipmakers in DRAM, which are prevalently used in devices from smartphones to servers.

CXMT did not immediately respond to a request for comment.