China's top DRAM maker, ChangXin Memory Technologies (CXMT), is rapidly closing in on Samsung Electronics and SK Hynix in the global memory market.
After more than doubling its global DRAM market share in just one year to rank fourth in the world, CXMT is drawing renewed attention in South Korea, where former Samsung Electronics executives have successively received heavy prison sentences over semiconductor technology leaks involving the company.
According to the industry, CXMT recently went public on the Sci-Tech Innovation Board (STAR Market) of the Shanghai Stock Exchange.
The stock finished trading surging more than 460% above its IPO price, and its market capitalization instantly rose to the largest among companies listed on the Chinese mainland.
Through the IPO, CXMT raised up to 66.6 billion yuan—more than double its initial estimate, or about 14.4 trillion won—and plans to use the funds to expand production capacity, advance DRAM processes, and invest in next-generation memory research and development.
The market is particularly paying attention to its steep rise in market share.
According to market research firm Counterpoint Research, CXMT's global DRAM market share jumped from 3% in the first quarter of last year to 8% in the first quarter of this year.
It ranks fourth in the world, following Samsung Electronics, SK Hynix, and Micron.
Industry insiders evaluate that while Samsung and SK Hynix have been focusing on producing High Bandwidth Memory (HBM) for AI data centers, CXMT has tapped into the gap by rapidly increasing the supply of legacy DRAM, backed by the domestic Chinese market and government support.
However, CXMT is also a company that has repeatedly surfaced whenever technology leak cases have flared up in South Korea.
In April, former Samsung Electronics executives indicted for leaking Samsung's 18-nanometer DRAM process and national core 10-nanometer-class DRAM technology—developed at a cost of 1.6 trillion won—to CXMT were sentenced to actual prison terms of 6 years and 4 months, and 7 years.
During the trial, prosecutors stated that CXMT appeared to have succeeded in mass-producing 10-nanometer-class DRAM for the first time among Chinese companies in 2023, based on technology secured by recruiting key personnel from Samsung Electronics and SK Hynix.
They estimated that Samsung Electronics' sales loss alone amounted to about 5 trillion won, and long-term damage to the national economy could reach tens of trillions of won.
Although South Korea significantly raised the recommended sentencing guidelines and maximum fines for leaking national core technologies overseas starting last year, criticisms persist that the level of punishment remains low compared to major competing countries such as the United States and Taiwan.
(Reported by Kim Minjeong | Video by Kim Na-on | Graphics by Yook Do-hyun | Produced by SBS Digital News)
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