In Depth: Big Questions Loom as China’s Memory Chipmakers Prepare Blockbuster IPOs

For years, CXMT Corp. was losing money. Today, it is preparing for an IPO that some say could make it China’s most valuable listed company.

CXMT, a leading producer of dynamic random-access memory (DRAM), the chips that serve as the working memory for just about every computerized system from smartwatches to data center servers, aims to raise 29.5 billion yuan ($4.3 billion) from a listing on Shanghai’s tech-focused STAR Market.