Chang Xin Memory Technologies (CXMT) has entered the global memory arena after Apple began testing its DRAM for Chinese devices. The move follows a decade of state‑backed spending that finally delivered a net profit of Rmb33bn ($4.8bn) in Q1, a reversal from Rmb37bn ($5.4bn) losses. CXMT now ranks fourth worldwide, supplying about 11 % of global DRAM wafer capacity, projected to rise to 15 % by 2028 as new lines open in Hefei, Shanghai and Beijing.

Apple’s engagement adds political weight; the U.S. has previously warned about security risks linked to Chinese suppliers. Analysts note that supply remains tight, with capacity constraints expected for at least two years, even as demand climbs. The company’s IPO is slated to value it at up to Rmb3 trn, potentially generating Rmb1 trn in gains for Hefei—roughly equal to the city’s annual GDP.

CXMT’s growth hinges on expanding high‑bandwidth memory (HBM) production, but EUV restrictions from ASML limit its competitiveness. Investors face a trade‑off between China’s rapid capacity build‑out and the geopolitical friction.