China Throws More Support Behind CXMT... Party Secretary Visits, Stresses 'Full Support'

As competition for leadership in the semiconductor industry intensifies, a senior Chinese official visited ChangXin Memory Technologies (CXMT), a domestic memory chipmaker emerging as a rival to Samsung Electronics and SK hynix, and emphasized "full support" for the company.

According to the Hefei Municipal Information Office in Anhui Province on Oct. 15, Li Lecheng, Anhui's provincial party secretary, visited CXMT in Hefei the previous day and chaired a meeting, saying, "The semiconductor industry is a strategic, foundational and leading industry that supports economic and social development and safeguards national security."

A view of CXMT's production facility in Beijing, China. Beijing, China = Reuters-Yonhap News.

He stressed that "we must fully support CXMT so it can grow bigger and stronger," adding that the province should "develop key and leading companies, foster specialized, refined, distinctive and innovative enterprises, and attract more upstream and downstream partners to continuously strengthen core competitiveness."

He called for efforts to develop globally advanced manufacturing clusters, urging the company to "accelerate its efforts to become a world-class enterprise."

Li took office as China's minister of industry and information technology in April 2025, leading policy on advanced industries such as semiconductors and artificial intelligence (AI). Last month, he moved to the post of party secretary of Anhui Province, a major semiconductor hub in China.

Anhui Province is home to a concentration of high-tech companies in fields such as AI and robotics, including CXMT, China's largest DRAM maker. CXMT's rapid growth is widely attributed in large part to active investment and support from the Hefei municipal government.

Building on that support, CXMT raised up to 66.61 billion yuan (13.4 trillion won) through its initial public offering (IPO) in July. Its share price surged on its first day of trading, giving it the largest market capitalization on mainland China's stock markets.

This content was produced with the assistance of AI translation services.