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China’s CXMT seeks nearly $10 billion in Shanghai IPO

The company is targeting a fundraise of nearly $10 billion via a public offering in Shanghai, positioning the deal around China’s push to build homegrown AI hardware.

Reported · Written up by our desk · IPOs

China’s CXMT, described as a key supplier in the country’s efforts to build homegrown artificial intelligence technology, plans a major public offering in Shanghai, according to NYT Business.

The report says the chipmaker is seeking to raise nearly $10 billion in what it frames as a blockbuster IPO.

CXMT’s move is tied to China’s broader race to develop and control AI-related technology using domestic supply, NYT Business adds.

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