China's CXMT wins $3 billion memory supply deal with Tencent, sources say

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) has signed a long-term supply agreement with Tencent Holdings (0700.HK), opens new tab worth ​more than 20 billion yuan ($2.94 billion) ahead of its blockbuster stock market debut, according to three people with knowledge of the matter.

The ‌agreement covers several years of DRAM chip supply for servers, the people said, speaking on condition of anonymity as the details are private. Two of the sources said the deal spans up to three years, while the third said it covers up to five years.

The previously unreported deal comes at a critical juncture for CXMT, which ​received approval from the Shanghai Stock Exchange in May for an initial public offering on the STAR Market that aims to raise 29.5 billion yuan, setting it up to be one of mainland China's largest listings in years.