($1 = 6.8905 Chinese yuan renminbi) (Reporting by Jyoti Narayan in Bengaluru; Editing by Savio D'Souza)
(Adds details, background)
April 20 (Reuters) - China's Changxin Memory
Technologies Inc (CXMT) plans to file for a domestic initial
public offering that could value the memory chip maker at more
than $14.5 billion, Bloomberg News reported on Thursday.
CXMT plans to list on Shanghai's Nasdaq-style STAR board
this year, the report said, citing people familiar with the
matter, adding that the company is in the process of picking
underwriters and has not yet finalized the size of the IPO.
CXMT did not immediately respond to a Reuters request for
comment.
The company, owned by state-backed parent Innotron Memory
Co, makes chips that temporarily store data on phones,
computers, servers, virtual reality and the Internet of Things.
Chip maker GigaDevice Semiconductor Inc and a
fund indirectly controlled by Lei Jun, the billionaire founder
of Xiaomi Corp , hold shares in Innotron, Bloomberg
said, citing Tianyancha, a company registration information
provider.
CXMT's IPO plans come as the United States curbs exports of
chip-making equipment to China, requiring licenses for U.S.
companies to export advanced chips and chip-making equipment in
a bid to slow China's technological advance.
Last year, the U.S. Congress passed the CHIPS Act to
subsidize the domestic semiconductor industry and keep ahead of
China in global markets.
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