CXMT Lands RMB 20 Billion Long-Term Chip Supply Deal From Tencent
ChangXin Memory Technologies (CXMT), founded in 2016, is a leading player in China’s push for domestic DRAM production. As AI server and cloud data center expansion drives Samsung Electronics, SK hynix and Micron to shift more capacity toward HBM, conventional DRAM supplies are tightening. Tencent’s long-term deal secures upstream supplies and underscores the Chinese technology sector’s need to reduce its reliance on overseas chips.
A June 30, 2026, report said CXMT had signed a long-term supply agreement with Tencent Holdings worth more than RMB 20 billion, or about $2.94 billion. The contract, which runs for about three to five years, will primarily meet demand for server DRAM. The companies have not disclosed the exact signing date or product specifications. The deal is also a major order for CXMT as it prepares for an IPO on Shanghai’s STAR Market.
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The history behind this eventCXMT Overtakes Tencent as AI Memory Rally Drives 500% Surge
ChangXin Memory Technologies, or CXMT, is a major Chinese memory-chip maker focused on DRAM and the high-bandwidth memory, or HBM, used in artificial-intelligence servers. Surging demand for computing capacity has made advanced memory a critical part of the AI supply chain, drawing investor attention to semiconductor manufacturers that could benefit from China’s push for greater technological self-reliance.
CXMT’s shares have jumped more than 500% roughly half a month after their market debut, lifting its valuation above that of internet giant Tencent and making it China’s most valuable listed company, according to the report. The rapid re-rating highlights a sharp rotation of capital toward AI chips and semiconductor suppliers, while putting greater scrutiny on CXMT’s ability to scale DRAM and HBM production and convert investor enthusiasm into earnings.
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