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US lawmakers seek security probe into Chinese chipmaker CXMT over blockbuster $487B IPO
New York Post • • business
Key Points:
- Top US lawmakers are urging the Trump administration to launch a national security investigation into Chinese memory chipmaker CXMT, suspecting Beijing orchestrated its massive IPO to support a key military asset.
- CXMT's shares surged 466% during its Shanghai IPO, raising $8.6 billion and making it the most valuable company on a mainland China exchange with nearly $500 billion in market capitalization.
- The Pentagon designated CXMT as a Chinese military company in June, raising concerns about its ties to China's military-industrial complex and prompting calls for a classified briefing by Congressional leaders.
- US officials fear CXMT's chips could infiltrate American military supply chains, posing espionage or cyber sabotage risks amid escalating tech tensions between Washington and Beijing.
- The IPO underscores Beijing's push for tech self-reliance amid US export controls, with CXMT focusing on older DRAM chips that are widely used in consumer electronics, AI, and military hardware.
