Chinese chipmaker ChangXin Memory Technologies (CXMT) plans to list on the Shanghai stock exchange.

The manufacturer is the only company in China capable of making DRAM semiconductors below 20nm.

The six-year-old company was responsible for producing around three percent of the world's DRAM output, at around 40,000 wafers a month, by the end of 2020.

But US export sanctions on the equipment necessary to build the latest chips have roiled the burgeoning Chinese semiconductor market.

CXMT put its expansion plans on hold after the export controls were tightened last October. Now, the Financial Times reports that the company has received confirmation from US chip toolmakers that they will be able to supply its new production lines.

“CXMT has set a very ambitious expansion target this year, even despite the memory chip downturn,” a person with knowledge of the situation told the publication, adding that the company's capital expenditure would increase by about $4 billion in 2023 as it boosted purchases of chipmaking equipment.

Another added: "CXMT plans to turn to more Chinese equipment suppliers for the expansion, so the capital expenditure can be raised by $5bn or even more. Testing the relatively immature domestic equipment requires additional cash."

The company hopes that it will be able to raise that cash from Shanghai’s Star board. The listing plans are still in their early stages, and the size and timeline of the IPO have not been determined.

The company is currently valued at 'well above' Rmb100bn ($14.5bn) one banker told the FT.