CXMT: Independent Tests for Chinese RAM Show Potential Against Established Memories

As the market prepares for the arrival of CXMT's DDR5 memory, a Chinese manufacturer backed by substantial government funding, questions about performance are inevitably starting to arise. On one hand, the Chinese producer is gearing up for an IPO expected to raise nearly 58 billion yuan; on the other hand, some independent tests have highlighted differences compared to solutions developed by SK Hynix, particularly in overclocking and optimization scenarios.

Founded in 2016 with the support of Chinese institutions, ChangXin Memory Technologies (CXMT) is now the leading domestic producer of DRAM memories. According to estimates reported in the IPO documents, the company holds about 7.7% of the global DRAM market and provides components to major Chinese firms such as Alibaba, Tencent, and ByteDance.

The financial results show very rapid growth. In the first quarter of the year, revenue increased by over 700% year-on-year, reaching 50.8 billion yuan. The funds raised will be used to boost production capacity and support investments, especially considering the U.S. restrictions on access to more advanced production technologies.

At the same time, the diffusion of CXMT DDR5 outside the domestic market is increasing. Recently, manufacturers such as MSI have updated their BIOS to extend official support for Chinese memories with frequencies exceeding 8,000 MT/s. Several system and component manufacturers have also started using these memories in their products, although mainly intended for the Chinese market.

Independent tests published by overclocker Safedisk, as reported by Uniko's Hardware, analyzed a Kingbank DDR5-6000 48 GB kit (2x24 GB) with CL36 timing. The module reached a frequency of 8,600 MT/s with a latency of CL44, but during testing, some technical limits surfaced.

According to reports, CXMT DDR5 chips show poor scalability with increased supply voltage, a feature that reduces the headroom available during overclocking. Optimization of sub-timings reportedly yielded limited benefits, making it more challenging to reduce latency compared to starting values. Another point pertains to the variability between different production batches. Tests indicate behavioral differences between modules from different batches, increasing the variability of the so-called "silicon lottery." At the same operational frequency, memories produced by SK Hynix are said to have shown more consistent performance and a greater propensity for overclocking, although the available results do not include comprehensive benchmark comparisons.

This picture does not necessarily scale back CXMT's growth path, which continues to increase its production capacity in a context characterized by strong demand for DRAM. The company also benefits from a lower exposure to the segment of memory dedicated to artificial intelligence compared to main international competitors, allowing it to allocate a larger share of production to the consumer market.

Moreover, it should be noted that CXMT does not have access to the latest EUV lithography machinery and, in general, to more advanced production technologies due to U.S. restrictions. As a result, achieving modules that can still compete with next-generation solutions from Korean and North American competitors represents a significant goal.

Any expansion beyond Chinese borders will require convincing customers and partners on quality, reliability, and technical competitiveness. However, the room for improvement appears broad, placing CXMT in a truly interesting position. In a short time, CXMT could compete in the DRAM market on equal footing with the current largest producers on the planet, with the added advantage of completely in-house developed production technologies. This means having the entire production supply chain under control and the opportunity to expand annual capacity in significantly reduced times.