In May 2026, ChangXin Memory Technologies (CXMT) updated its IPO prospectus on the STAR Market, posting a single-quarter revenue of 50.8 billion yuan, net profit of 33.012 billion yuan, and net profit attributable to parent of 24.762 billion yuan, breaking the long-term monopoly of overseas giants in the DRAM memory chip field.
Over the decade, CXMT transformed from a money-losing venture into a cash cow, thanks to the long-term strategic planning of Hefei's municipal party committee and government, and was also a vivid footnote to the Hefei Municipal Committee of the Chinese People's Political Consultative Conference (CPPCC) working in tandem and assisting technological breakthroughs in strategic emerging industries.
In 2016, the global DRAM market was monopolized by foreign companies, with China having zero independent production capacity and core technologies under restriction. Facing the industrial pain point of a lack of chips and screens, Hefei partnered with GigaDevice to launch the CXMT project, with an initial total investment of 18 billion yuan. Hefei state-owned capital contributed 14.4 billion yuan, an 80% stake, resolutely entering the high-barrier, high-investment, long-cycle memory chip track.
Facts show that during CXMT's most difficult period from 2019 to 2022, when the industry was in a downturn, Hefei not only did not withdraw investment but increased it, demonstrating extraordinary strategic determination. At the same time, it innovatively introduced a "chain chief system," with the main leader of the municipal party committee serving as the chain chief of the integrated circuit industry chain to coordinate resources and ensure efficient project progress. Today, CXMT has become the world's fourth-largest DRAM manufacturer with a market share of 8%, driving over 200 supply chain enterprises to tackle semiconductor equipment localization, helping Hefei rise from a city lacking in chips and screens to the "IC Capital of China," building a trillion-yuan industrial cluster encompassing chips, screens, cars, and AI.
In the government-enterprise collaborative industrial ecosystem, the Hefei Municipal CPPCC has always centered on the overall situation, gathering strength for the development of strategic emerging industries such as the new generation of information technology. As a specialized consultative body, the Hefei Municipal CPPCC closely follows the city's industrial layout, prioritizing integrated circuits, artificial intelligence, quantum information, and other fields as key duties, using research, consultation, and proposals to promote industrial policy implementation and help solve development difficulties.
As early as 2020, the Municipal CPPCC seized the opportunity brought by the new round of technological and industrial revolution for the electronic information industry to achieve a lane change and overtake, making "accelerating the development of the new generation of electronic information industry and building a world-class industrial cluster" a key consultation topic, proactively proposing suggestions for building a world-class industrial cluster. In 2023 and 2024, Hefei held symposiums on social conditions and public opinion for two consecutive years. The main leaders of the municipal party committee and committee members discussed and deliberated around "accelerating the clustering development of key industries to enhance regional economic core competitiveness" and "actively cultivating and developing future industries to accelerate the formation of new quality productive forces." Members suggested that the municipal party committee and government increase policy support for local enterprises headquartered in Hefei, including CXMT, continue to support enterprises in tackling key core technologies that are neck-jamming, and promote the transformation of industries from agglomeration to cluster development.
During the 15th Five-Year Plan period, Hefei will focus on building a "654X" modern industrial system, where "6" includes six leading industries including the new generation of information technology. Entering the first year of the 15th Five-Year Plan, the Municipal CPPCC has established "focusing on the '654X' industry and accelerating the development of new quality productive forces" as the annual key consultation topic, currently in intense preparation.
Currently, Hefei is in a critical period of technological innovation and industrial upgrading. CXMT's breakout has injected strong confidence into the development of emerging industries across the city. "Looking ahead, the Hefei Municipal CPPCC will continue to focus on key and difficult points of industrial development, conduct in-depth research, provide precise suggestions, gather more wisdom and strength, help Hefei continue to lead on the technological innovation track, and write more miracles," said the main responsible person of the Municipal CPPCC.
(Reporters: Hu Fangyu, Correspondent: Deng Jian, Text Editor: Zhang Jiaqi, New Media Editor: Zang Wenjing)
