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ChangXin Memory Technologies, China’s leading DRAM manufacturer, is testing a pilot production line for bonded DRAM at its Hefei facility. The technology uses wafer-to-wafer hybrid bonding to build high-density memory chips without relying on extreme ultraviolet lithography, the single most expensive and export-restricted tool in the semiconductor supply chain.
What bonded DRAM actually is and why it matters
Traditional DRAM manufacturing puts memory cell arrays and peripheral circuitry on the same piece of silicon. As chips shrink, this gets harder, and eventually you need EUV lithography to print features small enough to keep pace. EUV machines, made exclusively by the Dutch firm ASML, are subject to strict export controls that effectively block Chinese chipmakers from acquiring them.
Bonded DRAM takes a different approach. It separates the memory cell arrays from the peripheral circuits, fabricates them on different wafers, and then bonds them together. The result is high-density, high-performance DRAM that can theoretically be produced on older lithography equipment.
South Korean media first reported CXMT’s bonded DRAM pilot line around July 5, 2026. The timing is notable because Samsung is pursuing a similar approach with its own B1b project, and SK Hynix has also been exploring bonded architectures. Korean analysts have noted that CXMT could potentially gain a technological edge if it reaches commercialization first.
CXMT’s rapid ascent in the memory market
Founded in 2016 with significant state backing, CXMT has moved fast. The company has transitioned from producing 19 nm DDR4 and LPDDR4 chips to advancing in DDR5 technologies. CXMT operates several 12-inch DRAM fabrication facilities and has been significantly expanding its production capacity. The company has reported strong revenue growth through 2025 and 2026 as global demand for DRAM products has surged.
CXMT is also targeting HBM3 output by the end of 2026. High Bandwidth Memory is the specialized stacked memory used in AI accelerators like Nvidia’s GPUs, a market currently dominated by SK Hynix with Samsung playing catch-up.
CXMT is also preparing to launch its initial public offering on Shanghai’s STAR Market, which will provide the first real public window into the company’s financials, capacity roadmap, and customer base.
The competitive landscape just got more complicated
Samsung, SK Hynix, and Micron collectively control the vast majority of DRAM production. Samsung’s B1b project uses a similar bonding methodology, which validates the underlying technical approach. CXMT appears to be moving toward production testing at roughly the same timeline, despite operating under export restrictions that Samsung and SK Hynix don’t face.
No specific yield data or production timeline has been disclosed for CXMT’s bonded DRAM line, which suggests development is still in early stages.
What this means for investors
If CXMT successfully brings bonded DRAM to market at competitive prices, it could put downward pressure on DRAM pricing globally. Micron, as the only major US-based DRAM producer, would face particular pressure given its already thinner margins compared to Korean competitors.
If CXMT can serve even a portion of high-performance memory demand with domestically produced chips, it reduces China’s dependency on imports and gives Chinese AI hardware makers a more resilient supply chain.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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