China's largest DRAM manufacturer, CXMT (Changxin Memory Technologies), has reportedly started production of its high-bandwidth memory (HBM) product, HBM3E. This news has garnered global attention, especially considering that just a few months ago, CXMT struggled to produce the previous generation, HBM3, reliably.
According to a report by the U.S. technology news outlet The Information on August 31, citing two sources familiar with the matter, CXMT has begun small-scale production of HBM3E and plans to expand production next year. The produced HBM3E is currently undergoing quality testing by two clients: Alibaba's AI semiconductor design firm, Pingtouge, and Chinese AI semiconductor company Cambrian. If the tests are successful, CXMT's HBM could be included in products as early as 2027.
As of April this year, CXMT faced uncertainty regarding the commercialization schedule for HBM3. Taiwanese media outlet DigiTimes reported that mass production of HBM3 could remain challenging in 2026, with industry analysts in China citing issues with heat generation and low yield rates as barriers to stable production. HBM has evolved through several generations, including HBM2, HBM2E, HBM3, HBM3E, and HBM4. HBM3E is an enhanced version of HBM3, and CXMT appears to have leveraged accumulated technology to reach the small-scale production stage of HBM3E without going through mass production of HBM3.
Attention has naturally shifted to the equipment used in production. The production of HBM requires thermal compression bonders (TC bonders) that stack DRAM vertically. The TC bonder market has been effectively monopolized by Hanmi Semiconductor. In December 2024, the U.S. tightened semiconductor equipment regulations, prohibiting the import of advanced semiconductor equipment to Chinese companies. Subsequently, in May 2025, reports emerged that Hanmi Semiconductor had notified its Chinese customers of a halt in TC bonder shipments.
IT blogger Nomad Semi analyzed in a June 2025 post that CXMT likely preemptively purchased and stockpiled TC bonders from Hanmi Semiconductor. Semiconductor analysis firm SEMI Analysis confirmed in June 2026 that Hanmi Semiconductor had delivered several TC bonders to CXMT in 2024.
Combining these reports suggests that CXMT may have secured TC bonders from Hanmi Semiconductor before the export controls and shipment halts took effect, utilizing them for the current small-scale production of HBM3E. However, it has not been officially confirmed whether Hanmi Semiconductor's equipment is currently operational on the HBM3E production line. Both CXMT and Hanmi Semiconductor have declined to comment on related inquiries.
Meanwhile, CXMT was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on the 27th, raising 66.6 billion yuan (approximately $9.2 billion). The company stated that the funds will be used to expand production capacity and enhance research and development, with a significant portion expected to be allocated to HBM development.
* This article has been translated by AI.
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