CXMT Launches $4.3 Billion Chinese DRAM IPO On July 16 With $2.9 Billion Pledged To Staff
CXMT, China’s largest domestic DRAM chipmaker, opens a $4.3 billion initial public offering on the Shanghai STAR Market on July 16, marking the exchange’s second-largest listing in history.
The offering follows reporting detailing a staff incentive pool where the company’s founder pledged approximately $2.9 billion in shares while excluding himself. Data disclosed alongside the listing shows the firm doubled its workforce to 19,300 employees over two years, with research and development graduates earning $51,000 annually and one former engineer reporting 70 to 80 hours of monthly unpaid overtime.
From the sources (6 posts)
@sarthakgh“Success will hinge on whether CXMT, led by US-trained chip veteran Zhu Yiming, can navigate its sudden emergence on the global stage.“ Rise of the state-backed Chinese memory maker to reduce reliance on Korea and USA:
@poezhao0605Six banks. One IPO. China's first domestic DRAM chipmaker lists July 16. Several of those banks are also CXMT shareholders. They wrote the prospectus for a company they already own a piece of. The advisory fees are a fraction of what the
@poezhao0605China's largest domestic DRAM maker pays R&D graduates $51K a year. One former engineer told Yicai he averaged 70 to 80 hours of unpaid overtime a month. Last three years and colleagues call you a "veteran."
@poezhao0605CXMT, the DRAM chipmaker, doubled headcount to 19,300 in two years. 63% under 30. When one engineer started, most R&D colleagues held master's degrees. By the time he left, 80% around him were PhDs.
@poezhao0605The founder of China's largest DRAM chipmaker pledged shares worth an estimated $2.9 billion to a staff incentive pool. He excluded himself from the recipients. But a former engineer told Yicai the company never mentioned equity during his
@poezhao0605CXMT, China's #4 DRAM maker, opens its $4.3B STAR Market IPO on July 16. Second-largest in the exchange's history. This Yicai investigation is the most granular look I've seen at the human cost of building a domestic DRAM industry from scr