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ChangXin Memory Technologies (CXMT), based in Hefei, began risk production of HBM3E in late August or early September 2026. HBM3E is the high-speed memory type at the heart of modern AI accelerators. Volumes remain small for now, but the step carries strategic significance for China: until this point, Chinese chip manufacturers were entirely dependent on foreign suppliers, most notably South Korea's Samsung and SK Hynix, and US-based Micron, for this type of advanced memory.
Alibaba's chip division T-Head and listed AI chip maker Cambricon (SSE: 688256) are testing CXMT's HBM3E chips and intend to incorporate them into their own products from 2027. CXMT is planning a broader production rollout for that same year. Earlier, Tencent signed a long-term supply contract with CXMT for memory deliveries worth more than 20 billion yuan (approximately $2.94 billion) over three to five years.
HBM stands for High Bandwidth Memory, a memory architecture in which multiple memory layers are stacked on top of each other and connected to the processor via a wide bus. HBM3E is the current generation of that standard and complies with JEDEC specifications, featuring a bus width of 1,024 bits and a pin speed of between 9.2 and 12.4 Gbps, with 9.6 Gbps as the default. This yields a total memory bandwidth of 1.2 terabytes per second. Capacities range from 24 GB with eight stacked layers to 36 GB with twelve layers.
That combination of high speed and large capacity makes HBM indispensable for AI training processors such as Nvidia's H100 and H200, and for AI inference chips. Without access to HBM, Chinese chip makers cannot build competitive AI accelerators. US export restrictions block the sale of advanced HBM chips to Chinese customers, which increases the pressure on domestic development.
CXMT was founded in May 2016 in Hefei with an initial investment of 10 million yuan from an investment vehicle tied to Hefei's economic and technological development zone. The city holds a 36.8 percent stake in the company through government-linked investors. The national investment fund China Integrated Circuit Industry Investment Fund Phase II, also known as the 'Big Fund', holds an 8.73 percent interest.
On 27 July 2026, CXMT listed on the Shanghai Stock Exchange. The IPO raised 57.92 billion yuan (approximately $8.6 billion), making it the largest IPO in Asia this year. Of the planned proceeds of 29.5 billion yuan, 7.5 billion will go towards upgrades of existing production wafer lines, 13 billion towards further development of DRAM technology, and 9 billion towards research and development of future DRAM generations.
The company currently operates two 12-inch wafer fabs in Hefei and one in Beijing, with plans for a second Beijing fab for which discussions are ongoing regarding at least 60 million yuan in financing. In addition, CXMT is building an HBM packaging facility in Shanghai, with production expected to begin by the end of 2026.
In addition to Tencent, T-Head and Cambricon, ByteDance is also among CXMT's customers. Xiaomi is the first to adopt the company's LPDDR6 memory chips for the Xiaomi 18 Fold, a foldable flagship phone due out next month. Lenovo also appears on the customer list.
Qualcomm is reportedly exploring a collaboration with CXMT to develop custom DRAM for smartphones, although no definitive deal has been announced. YMTC, the Chinese manufacturer of NAND flash memory, is also said to be in talks with CXMT to jointly accelerate domestic HBM production.
CXMT founder and chairman Zhu Yiming previously founded GigaDevice Semiconductor, which specialises in NOR flash memory. He is reported to have drawn no salary in his role as chairman and CEO of CXMT.
The term 'risk production' indicates that CXMT is manufacturing the chips in limited quantities to validate the production process, accepting the risk of yield losses and ramp-up issues. This is a standard phase in chip development, but it also means that commercial mass production and large-scale deliveries will follow only later. The planned market introduction to customers is currently scheduled for 2027.
Whether CXMT can achieve the production yield and quality needed to compete with Samsung, SK Hynix and Micron remains to be seen. Those companies have years of experience in HBM production and already supply their most advanced variants in large volumes. CXMT is entering HBM3E production at a time when SK Hynix is already ramping up for the next generation, HBM4.
For European and Dutch companies active in AI hardware, chip architecture or the memory module supply chain, this development shifts the dynamics of the Chinese market. A domestic Chinese HBM supplier changes the balance of power in that chain, even if it will take some time before CXMT achieves production at scale. For investors and policymakers mapping dependence on Asian memory suppliers, this adds a new player to a market that has until now been dominated by three companies.
This article draws in part on the following sources.
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