China’s Chip Champion to Raise Billions in Race for A.I. Control

China's memory chipmaker ChangXin Memory Technologies (CXMT) is raising approximately 57.9 billion yuan ($8.55 billion) in its initial public offering on Shanghai's STAR Market, according to a company filing. The IPO price was set at 8.66 yuan per share. The fundraising underscores China's push to develop domestic semiconductor capabilities amid U.S. export restrictions on advanced chip technology.