CXMT is China's leading and world's fourth-largest dynamic random-access memory (DRAM) maker. DRAM chips are used in smartphones, PCs, servers and AI systems. Backed by strong state funding amid China's push to end over-reliance on foreign chips, CXMT also benefits from booming AI-driven demand. It expects to raise at least $8.6 billion (₹82,756 crore) this month in an IPO.