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27 Jul 2026SCIENCE & TECHNOLOGY3 questions

A $485 Billion Debut: What China's DRAM Champion Tells India About the Chip Race

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Article summary

ChangXin Memory Technologies (CXMT), China's leading maker of dynamic random-access memory (DRAM) chips, saw its shares surge around 466 per cent on their Shanghai STAR Market debut on 27 July 2026, giving it a market capitalisation of roughly 3.28 trillion yuan (about US$485 billion) and making it mainland China's most valuable onshore-listed company. Founded in 2016 and based in Hefei, CXMT is the largest DRAM integrated device manufacturer in mainland China and has risen to become one of the world's leading memory chipmakers, behind Samsung, SK Hynix and Micron. Its ascent has occurred despite United States export controls, in force since October 2022, that restrict the sale to China of the advanced equipment needed to produce cutting-edge memory, and despite CXMT's designation by the US as a company of national-security concern. For India, building its own semiconductor ecosystem, the episode is a case study in how far state-backed persistence can carry a latecomer against a technology blockade.

What this tests

recallTests whether you read the article and retained key facts.
1Q
applicationTests whether you can apply the concept to a new scenario.
1Q
analysisTests whether you can reason across multiple related facts.
1Q

Sample questions — answers revealed after test

SCIENCE & TECHNOLOGYRecallEasy

Q1. An 'integrated device manufacturer' (IDM) in the semiconductor industry, as CXMT is, refers to a firm that does which of the following?

ADesigns chips but outsources all manufacturing to foundries.
BBoth designs and manufactures (fabricates) its own chips.
COnly assembles and packages chips designed and fabricated by others.
DManufactures only the equipment used to make chips.
Answer revealed after you submit the test
SCIENCE & TECHNOLOGYApplicationMedium

Q2. CXMT's rise despite US export controls is used to argue that such controls 'buy time rather than permanent advantage'. Which one of the following best supports that argument?

AThe controls have completely stopped China from making any memory chips.
BThe controls slowed China at the leading edge and raised its costs, but a state-backed firm still mastered mature and mid-range memory and scaled it to commercial dominance at home.
CThe controls were lifted, allowing China unrestricted access to advanced equipment.
DChina abandoned memory manufacturing entirely in response to the controls.
Answer revealed after you submit the test
SCIENCE & TECHNOLOGYAnalysisHard

Q3. Consider the following statements about the semiconductor memory industry: 1. The global DRAM market has long been dominated by Samsung, SK Hynix and Micron. 2. DRAM is volatile working memory, while NAND flash is non-volatile storage. 3. Because CXMT achieved a very high stock-market valuation on debut, the technology gap between it and the leading memory makers has been closed. Which of the statements given above are correct?

A1 and 2 only
B2 and 3 only
C1 and 3 only
D1, 2 and 3
Answer revealed after you submit the test
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