2026-09-28 — CXMT files a 34.9 billion yuan plan for DRAM R&D and wafer-testing capacity, mostly spent on equipment

• CXMT filed a plan to invest 34.9 billion yuan (US$5.2 billion) in a new DRAM technology R&D project and a second-phase wafer testing base, with a large share going to domestic chipmaking-equipment suppliers The Monday stock filing splits the money 24.1 billion yuan for R&D (nearly 22.4 billion yuan, about 93%, for equipment) and 10.8 billion yuan for the testing base; a source told SCMP the company has set an “aggressive” target for local tools, and Global Times reports 18 billion yuan of it comes from surplus IPO proceeds. (South China Morning Post, Global Times)

2026-09-22 — YMTC preps a DRAM trial line as CXMT pushes into NAND — China’s two memory champions start crossing into each other’s territory

• ⚠️ YMTC — China’s dominant NAND maker — is preparing LPDDR5 DRAM trial production at its Phase 3 project, targeting an end-2026 start at roughly 25,000 wafers/month, DigiTimes reported, while CXMT (DRAM) is separately building out into NAND R&D (already on this thread’s 09-18 entry) — the two firms crossing into each other’s core product lines for the first time, with patents flagged as the likely friction point. DigiTimes’ own report is paywalled beyond the headline; read via Wccftech’s citation, so treated as single-sourced hardware-trade-press, consistent with this thread’s existing sourcing caveats on CXMT/YMTC claims. Dated 09-22. (Wccftech, citing DigiTimes)

2026-09-20 — CXMT starts mass-producing a DRAM generation that closes on Samsung/SK Hynix without the EUV tools China can’t buy

• China’s CXMT (ChangXin Memory Technologies) said it has begun mass production of its fifth-generation (“G5”) DRAM process, reaching an 11.95-nanometer half-pitch — a density gain the company says yields at least 50% more chips per wafer than its prior generation — using “quadruple patterning” on DUV lithography tools rather than the EUV machines it cannot legally import. TrendForce data puts CXMT’s global DRAM revenue share at 9.5% in Q2 2026 (up from 7.6% the prior quarter, sales nearly doubling), still fourth behind Samsung (39.4%), SK Hynix (24.9%) and Micron (23.3%), but the technical claim is the news: it directly tests this thread’s own read-through to Homegrown DUV and Memory Squeeze on whether an EUV cutoff actually caps China’s chipmakers, or just forces a costlier workaround. Distinct from this thread’s 09-18 NAND-diversification entry and 09-08 DUV-tool-stockpiling entry — this is CXMT’s own production process advancing, not a supply or product-line move. (Tech Wire Asia, Yahoo Finance/Benzinga)

2026-09-18 — CXMT preps a NAND flash R&D line at its new Beijing plant, its first move beyond DRAM

• CXMT is preparing a NAND flash research-and-development production line at its new Beijing manufacturing site, Reuters reported (via people familiar with the plans) — CXMT’s first reported move beyond its core DRAM business and into flash memory. The DRAM specialist would draw on a Beijing research institute whose remit includes NAND development, and has already discussed its NAND plans with potential customers, including a startup building AI/supercomputer storage products; timing for the R&D line’s start, and whether pilot work ever graduates to mass production, remain undecided per the reporting. This extends this thread’s capacity-buildout watch line — CXMT diversifying its product base at the same moment global memory (DRAM, and now potentially NAND) stays tight through at least 2027 on AI-server demand, challenging Samsung, SK Hynix and China’s own YMTC on YMTC’s home turf. (TechPowerUp, citing Reuters, Tom’s Hardware, Digitimes)

2026-09-15 — Kioxia says it is preparing a US listing of depositary shares

• Kioxia said in a 09-15 statement that it is preparing to list American depositary shares on a US exchange, with the schedule, market and method undecided and the plan possibly shelved. Bloomberg reported the memory maker is weighing raising at least $10 billion and is in talks with Bank of America, Goldman Sachs and JPMorgan about a listing as soon as next year; Kioxia did not confirm the size, and had first disclosed the ADS plan on 05-15. (TechStock², Business Chief)

2026-09-08 — CXMT reported stockpiling three years of ASML DUV tools ahead of anticipated export limits

• ⚠️ CXMT and YMTC are reported to be stockpiling roughly three years’ worth of ASML DUV lithography tools ahead of anticipated export limits. Single-sourced through two hardware outlets; the underlying report was not located, so this is recorded as reported, not established. If true, it is the same pre-buy behaviour the map logged before the 2023 controls, run again with more warning — a live data point against this thread’s capacity-buildout watch. ⚠️ No source link located for this item; recorded from the digest text alone.

2026-09-04 — Counterpoint Research data show CXMT’s global DRAM share nearly tripled year over year

• CXMT’s share of the global DRAM market by revenue reached 10% in Q2 2026, up from about 4% a year earlier, according to Counterpoint Research data reported by TechNode — enough to push the combined share of Samsung (39%), SK Hynix (26%) and Micron (25%) down from 94% to 87% and put CXMT in fourth place globally. A separate Wall Street Journal figure cited the next day put CXMT’s share slightly higher, at 11%, against Micron’s 25%. For the IPO this thread tracks, a fourth-place global share is the number the prospectus will lead with, and the year-over-year tripling is the growth story behind the listing. (Counterpoint Research, TechNode, The Motley Fool, citing WSJ)

2026-08-31 — CXMT ships its first HBM3E chips, small-batch only, at ~25% yield

• CXMT has begun small-batch production of HBM3E (high-bandwidth memory used in Nvidia H200/Blackwell-class accelerators), per The Information citing two insiders; Alibaba’s T-Head chip-design unit and Cambricon are testing the silicon for possible integration into commercial processors as early as 2027. Yields are reported around 25%, and CXMT is still assessed 3-5 years behind Samsung/SK Hynix/Micron, who are already in HBM4 mass production. Its ~$8.6B Shanghai IPO prospectus reportedly earmarked no capital specifically for HBM development. (the-decoder.com, also carried by Investing.com)

2026-08-29 — CXMT sues the Pentagon to get off the “Chinese military company” blacklist

• CXMT filed suit against the US Department of Defense in Washington federal court on 2026-08-29, naming Defense Secretary Pete Hegseth as a defendant, seeking removal from the Pentagon’s Section 1260H list of firms designated as linked to China’s military. CXMT argues it makes standard civilian JEDEC-spec commercial chips, has no PLA ties, and that DoD’s decision lacked supporting evidence and violated due process; it also notes DoD published a notice in February indicating CXMT would be removed from the list, then withdrew that notice the same day without explanation. This joins a growing docket of Chinese tech firms (Alibaba, DJI, Hesai Group, WuXi AppTec) suing over Pentagon blacklist designations, with legal analysts noting US courts have recently shown willingness to scrutinize the government’s evidentiary basis and grant interim relief in similar cases. ⚠️ This is one calendar day before the window’s formal start (2026-08-30 15:45 ET) and is not on the existing record — checked both recent digests and this thread’s timeline, neither mentions it — worth flagging because coverage continued generating fresh pickups through 08-30/08-31 (evertiq, Benzinga, Tom’s Hardware) and it bears directly on this thread’s CXMT-legal-status tracking. (South China Morning Post)

2026-08-23 — YMTC’s ~$4.9bn Shanghai STAR IPO application formally accepted

• YMTC’s RMB 33bn (~$4.9bn) Shanghai STAR Market IPO application was formally accepted — the procedural step following Friday’s report that the NAND maker was targeting that raise, and a distinct event from it. SCMP frames it as China’s next mega chip listing, one that could break CXMT’s own market records — extending the China-chip- IPO wave this thread tracks from CXMT to a second memory maker, now with a filed number attached. Three independent outlets agree on both the RMB figure and the “accepted” step: TechNode (2026-08-24T05:49Z = 01:49 ET), TrendForce (07:23Z), and SCMP (04:34Z). (TechNode · TrendForce · SCMP)

2026-08-13 — CXMT overtakes Tencent to become China’s most valuable listed company, 17 days after its IPO

• CXMT overtook Tencent to become China’s most valuable listed company, at a $524B market cap, 17 days after its own IPO. The rally is attributed to strong investor demand for AI-linked names generally — the same HBM/DRAM shortage story (Memory Squeeze) and the Apple sourcing-test angle logged 08-09 below. (Free Press Journal)

2026-08-09 — Apple tests CXMT memory as Beijing pivots to capital markets to fund AI champions

• Apple is testing memory chips from China’s CXMT for China-market iPhones/MacBooks, days after CXMT rejected Apple’s price-cut demands. The talks are early-stage; CXMT can hold firm on price because Huawei and Xiaomi have already locked up its output at similarly high levels. Separately, CXMT was fast-tracked into the MSCI China All Shares Index effective today via a mega-IPO exemption, five weeks after a Shanghai debut that made it mainland China’s most valuable stock. (Reuters via Yahoo Finance, SCMP)
• Beijing is explicitly using its $28 trillion combined stock-and-bond market as an AI industrial-policy tool — a break from its traditional subsidy/state-investment playbook, with CXMT’s Shanghai debut as the marquee proof point. Chinese tech firms have raised ~$217B via IPOs/bonds over two years, versus more than 6x that per dollar raised by US peers — opening access to China’s $26T household-savings pool to narrow the gap. (Bloomberg Law syndication)

2026-08-07 — The tracked “coming days” administration letter still hasn’t landed; Congress’s actual letter went to Apple instead, over a week ago

• The cxmt-congress-letters expectation (bipartisan letters to the administration seeking a CXMT national-security probe, “coming days” as of 07-28) is due this week and still hasn’t produced a letter to the administration. The only bipartisan Senate letter that actually materialized in this window went to a different target entirely: Sens. Jim Banks (R-IN) and Chuck Schumer (D-NY), joined by Kim, Shaheen, Crapo and Ricketts, wrote Apple CEO Tim Cook on 2026-07-29/30 demanding Apple commit to never using CXMT or YMTC memory chips in any product sold anywhere, citing both firms’ place on an updated Pentagon list of China-military-linked entities; reply due 08-21. Separately, the CXMT Entity List addition itself remains the previously-logged June-2026 postponement tied to live trade talks — no new movement found this check. (Bloomberg, Sen. Schumer)
• The 08-05 DRAM-price-refusal story (below) just got its tier-1-adjacent corroboration — MacDailyNews and TechJuice independently confirm CXMT rejected Apple’s bid for a discount, ending the “no wire pickup” confidence flag that story carried. Same facts, better-sourced: Apple spent months trying to qualify CXMT as a fourth LPDDR5X source; CXMT had no reason to discount because Huawei, Xiaomi and other Chinese OEMs had already locked its output into long-term deals at market rates. New detail this pass added: TSMC is reportedly sitting on ~$1B of finished A20 Pro chips it can’t complete without matching DRAM — the iPhone 18 Pro supply risk this thread flagged 07-22 is now the live mechanism, not a hypothetical. (MacDailyNews, TechJuice)

2026-08-05 — CXMT reportedly refuses Apple’s push for a lower DRAM price (moderate confidence)

• CXMT reportedly rejected an Apple approach seeking a lower supply price on mobile DRAM (including LPDDR5X) for next-generation devices, insisting its quotes stay in line with — not below — Samsung and SK Hynix. The framing: Chinese OEMs (Huawei, Xiaomi) have already locked up CXMT capacity via premium long-term contracts, so CXMT doesn’t need Apple’s volume, while Samsung/SK Hynix are simultaneously reallocating fab capacity toward higher-margin AI memory (HBM4, LPCAMM2, enterprise SSD), tightening standard-DRAM supply industry-wide — direct read- through to Memory Squeeze. Confidence flag: every path to this story runs through PANews (a Chinese aggregator), attributing it to Korean outlet Digital Daily via a second Chinese aggregator (Gelunhui) — no tier-1 wire (Reuters/Bloomberg) pickup found. Real and dated, not independently corroborated at primary-source level. (PANews)

2026-07-30 — Alibaba’s pre-IPO stake is up ~20x

• Alibaba’s pre-IPO stake in CXMT is up roughly 20x, near $20.9B — well-corroborated (finance.biggo.com, Seoul Economic Daily, FourWeekMBA). A new concrete figure, joining DeepSeek/High-Flyer as a confirmed debut winner.
• SK Hynix/Micron read-through fallout continues into a third day; CXMT’s own day-2/3 share-price gap (flagged 07-28) is still open — no figures found yet.
• A Global Times rebuttal of “reported” US Senate warnings on Apple/CXMT-YMTC sourcing reads as continued circulation of the same pressure this thread already discounted (Moolenaar/Whitesides letter, 07-16) — noted, not treated as new. See Memory Squeeze for the fresher, dated version of this (a bipartisan senator letter to Apple, Aug-21 deadline).

2026-07-28 (overnight) — A second probe effort, and a lithography read-through

• A prospective bipartisan letter campaign — at least half a dozen members plan to write the administration “in the coming days” seeking a national-security probe, calling CXMT part of “the Chinese industrial military complex.” (AOL/wire)
• ⚠ Logged rumored, deliberately. The coverage carrying this recycles the exact “debut triggered a Capitol Hill probe” framing this thread killed earlier the same day — the Moolenaar/Whitesides letter is dated 07-16 and never mentions the IPO. What would confirm a second action is a letter with signatories, not another restatement of the first. Ledger entry written with that test.
• CXMT named as a first recipient of China’s homegrown DUV tools — Reuters reports Shanghai Aishengna has begun mass production of immersion DUV lithography, ~5 units in 2026 and ~20 in 2027, with SMIC, Hua Hong and CXMT expected to take delivery this year. If it holds, the domestic-substitution story this thread tracks gains a tool layer it did not have. (Reuters)
• Day-2 price action could not be sourced. No dated figures for CXMT’s 07-28 session were found; only the 07-27 debut (+466%) is verified. Recorded as a gap rather than guessed.

2026-07-28 — Washington reacts, a DeepSeek-linked fund profits

• A “senior federal official” told the New York Post there’s “a real suspicion” of CCP-orchestrated price action behind the 466% debut surge, six weeks after the Pentagon named CXMT a “Chinese military company” (§1260H list). Coverage frames this as a fresh Capitol Hill probe, but the underlying ask — Entity List designation, an executive order blocking US purchases — traces to a Moolenaar/Whitesides letter to Commerce Secretary Lutnick dated July 16, which predates the debut and never mentions the IPO (confirmed against the letter itself). Treat “surge triggers Congressional probe” as aggregator conflation of old pressure + new news, not a fresh action — the one genuinely new element is the federal official’s on-the-record suspicion of manipulated pricing. (TechTimes · House Select Committee on the CCP — letter text)
• DeepSeek founder Liang Wenfeng’s High-Flyer hedge fund confirmed among the debut’s biggest winners — the 12.55B-share institutional bid flagged in the 07-22 crawl paid off on the 466% pop. (Bloomberg, via Google News RSS)

2026-07-28 — Black Tuesday

• The debut’s second-day shockwave: Seoul sold off hard — SK Hynix −14.65%, KOSPI −10.84%, coverage explicitly attributing the rout to CXMT’s STAR debut — the market’s first sharp repricing of CXMT as a real competitive threat, not a domestic-substitution story. One-day reaction; check whether it holds past SK Hynix’s 07-29 print.

2026-07-27 — The debut

• Closed +466% at ~$489B — the most valuable China-listed company, above Intel’s market cap; Asia’s biggest 2026 IPO (~$8.5-9.1B raised). Micron −8% on the read-through. Overhangs: a US DoD ban and a three-year HBM deficit. The squeeze’s capital-markets marker, delivered.

2026-07-23 — Pricing finalized, extreme oversubscription

• Pricing finalized at 8.66 yuan/share, raising ~$8.6B (up from an earlier $4.3–4.4B target range) — implied market cap 588B yuan ($87B) at listing. (BigGo Finance)
• Institutional bookbuilding came in 462.85x oversubscribed — roughly 4x SMIC’s 114.97x when it listed on the STAR Market in 2020, an extreme demand signal. Listing date confirmed July 27, ticker 688825. (EBC)

2026-07-22 — Allotment landed as staged

• Final allotment rate 0.47% — retail 212× oversubscribed across 9.4M accounts, institutional 570×; a clawback shifted ~502M shares from the institutional to the retail tranche; $9.8B raise confirmed, 07-27 STAR Market listing on track. (SCMP)

← Backstory (crawl 2026-07-22 → artifacts/findings/cxmt-memory-ipo-2026-07-22.md)

2026-07-16→17 — Subscription: record and caution at once

• Retail ~212× / institutional 463× oversubscribed (9.4M+ accounts; ~0.47% winning rate, highest on STAR record) — yet framed as “much lower than most recent Chinese IPOs”; STAR50 −20% from its July peak partly on liquidity-drain fear. High-Flyer Quant (Liang Wenfeng / DeepSeek) bid for 12.55B shares. Six banks split ~$41M in fees — 0.48% vs the 4.52% A-share average. (SCMP · DealStreetAsia)

2026-07-13→15 — Pricing at ~$85B, state-built

• 8.66 yuan/share (07-14) → up to ~$9.8B raise, ~$85B market cap — biggest-ever Chinese A-share semiconductor IPO (past SMIC 2020). Pre-IPO state ownership 36.29% (Anhui + the Big Fund); prospectus filed 07-15 showing Micron/Samsung alumni in leadership. (Korea Herald)

Context — what the raise races against

• Capacity 320k→420k wafers/month by 2027 (HBM3E mass production targeted 2027) vs a 2–3 year gap to Samsung/SK Hynix/Micron shipping HBM4; US lawmakers expect memory prices elevated “through at least 2028”; overseas sales just 2.79% of revenue; Entity-List/§1260H status needs primary confirmation. Dell/HP/Lenovo/Apple reportedly locking supply through 2027 (low-confidence). (Korea Herald · The Register)