Chipmaker CXMT Reports Eightfold Jump in Sales on Path to IPO

ChangXin Memory Technologies Inc. reported soaring revenue and profit in the first quarter and forecast higher earnings ahead, bolstering its financials ahead of a high-profile initial public offering later this year.

The Hefei-based Chinese chipmaker said revenue jumped by more than 700% to 50.8 billion yuan ($7.5 billion) and profit rose to more than 20 billion in the three months ended March, according to its latest prospectus filed on Sunday. The company had recorded a loss in the same period a year earlier.