[Looking at Korea, China and Japan – 187]

사진설명 사진 확대

Even if there is an AI boom, the unique market cycle of the semiconductor memory industry will not disappear. If you invest heavily in facilities because you are optimistic about demand, you can bring down product prices on your own due to oversupply.”

In the summer of 2026, the stock markets of the three East Asian countries were infested with the same word. It’s “AI Memory.” While Samsung Electronics and SK Hynix of South Korea virtually split the global DRAM and NAND market, China showed its presence as the largest initial public offering (IPO) ever, and Japan showed its presence as a stock that rose to the top of the market capitalization.

“A 9-year deficit company tops the mainland market on the first day of listing.”

[Yonhap News] 사진 확대 [Yonhap News]

The most dramatic scene came from China. China’s leading DRAM company, Changsin Memory Technology (CXMT), soared 465.82% compared to its initial public offering price on July 27, quickly becoming the top market capitalization company in mainland China. Its market capitalization amounted to about 3.28 trillion yuan (about 712 trillion won), ranking first overall in mainland China’s A-shares, beating the Industrial and Commercial Bank of Korea (ICBC).

What is surprising is the history of this company. Changsin Memory has been a company that has been in the red for nine years since its foundation until 2024. Such a company became China’s largest value company within a day of listing. The IPO raised 57.9 billion yuan (about 12.5 trillion won), making CXMT the largest IPO on the Asian stock market and the largest ever for a Chinese semiconductor company this year.

Three things worked in combination in the background of the surge. AI memory supercycle, lack of tradable circulation, and scarcity as China’s only large-scale DRAM listed company strategically fostered by the government. The Wall Street Journal called Changsin Memory a “national champion representing China’s semiconductor self-reliance strategy.”

The rise of CXMT is already penetrating the home turf of Korea. CXMT’s global DRAM market share jumped from 3% to 8% in a year. It has targeted the old DRAM market by supplying general-purpose memory such as DDR4 at half the market price, and global manufacturers such as HP, Dell, Asus, and Acer have begun testing the quality of CXMT products.

The problem is that more than half of Samsung Electronics and SK Hynix’s DRAM production capacity is concentrated on such general-purpose products. This is why there are concerns that the deterioration of profitability in the general-purpose DRAM market could eat into the overall performance even if it is ahead of HBM.

The other side of a spectacular success…Where ‘Samsung Logo Note 12’ went

But at the end of the shortcut to CXMT’s ultra-fast growth was Samsung’s core confidentiality.

According to the prosecution’s investigation, J, a former key researcher at Samsung Electronics, leaked the 600-stage 10-nanometer DRAM process information by handwriting it on Samsung executives’ notes over four days just before moving to CXMT. The leaked data was 12 sheets of PRP (Process Recipe Plan) information containing the process name and facility information for each process of the DRAM manufacturing process. The prosecution described this as “a method of carefully writing down on paper like in a movie.”

Founded in May 2016 as China’s first DRAM company, CXMT began recruiting key personnel by offering three to four times Samsung Electronics’ annual salary. It was investigated that A, who oversaw the first development team, and B, who was in charge of facility investment, planned to complete DRAM development in a short period of time by pulling out key personnel for each process.

The leaked technology was the world’s first 10-nanometer DRAM process technology developed by Samsung Electronics by investing 1.6 trillion won, and Samsung Electronics’ sales decline last year is estimated to be about 5 trillion won. Based on the technology secured in this way, CXMT succeeded in mass production of China’s first 18-nanometer DRAM in 2023.

The problem is that the last line of defense to stop this shortcut, the punishment, is loose. Kim, a key figure in the case, was sentenced to six years and four months in prison and a fine of 200 million won in a revocation trial on April 23. Researcher Jeon, who leaked fair information with a handwritten note, was also sentenced to seven years in prison in the first trial in April. The prosecution tracked down CXMT’s entire DRAM development process and gradually prosecuted 10 people, including former Samsung executives and employees, and expanded the investigation to those involved in the second development team.

The full text of the article is available on Maeil Business Newspaper’s premium financial content platform Maekyung Plus. Search ‘Maekyung Plus’ on Naver or take a QR code below with your smartphone to connect.

사진설명 사진 확대