STEVE LOHR, XINYUN WU2026年7月16日总部位于合肥的长鑫科技。这家成立仅10年的公司在中国以外鲜为人知，但它正受益于存储芯片需求的蓬勃增长。 CFOTO/Future Publishing, via Getty Images)China’s largest maker of memory chips is raising billions of dollars in a blockbuster public offering to pursue the nation’s agenda of technological self-sufficiency and leadership in the global race to develop artificial intelligence.中国最大的存储芯片制造商将通过一次规模空前的IPO筹集数十亿美元资金，以推进中国实现科技自立自强、在全球人工智能竞争中取得领先的国家战略。ChangXin Memory Technologies, known as CXMT, said in a filing on Wednesday that it had roughly doubled the price of its offering on the Shanghai exchange from earlier guidance, based on strong investor demand. It is seeking to raise the equivalent of up to $9.8 billion.长鑫科技周三在一份公告中表示，受投资者需求强劲推动，公司已将上交所发行价格较此前指引大幅提升约一倍，拟募集资金最高可达约666亿元。That would be the largest initial public offering in Asia this year, and one of the biggest ever on an exchange in mainland China.这将成为今年亚洲规模最大的IPO，也是中国内地证券市场史上最大IPO之一。The Chinese chip maker is tapping sky-high investor enthusiasm. Last week, SK Hynix, a South Korean memory chip giant, raised $26.5 billion by selling shares in the United States, in the largest such offering on Wall Street by a non-U.S. company.这家中国芯片制造商正在借力投资者高涨的热情。上周，韩国存储芯片巨头SK海力士赴美上市募集了265亿美元，创下非美国公司在华尔街规模最大的股票发行纪录。CXMT is riding the A.I.-led boom in demand for memory chips, which instantaneously shuttle data to and from the processing engines of computers. All computers rely on memory chips, but the demands of A.I. data centers being built in the United States and China seem all but limitless.长鑫科技受益于人工智能引领的存储芯片需求热潮。存储芯片负责在计算机处理引擎之间高速传输数据，是所有计算机不可或缺的核心部件，随着中美两国大规模建设人工智能数据中心，对存储芯片的需求几乎是无限的。The 10-year-old firm cannot operate as freely as many of its rivals. It is prevented from acquiring some of the most advanced chip-making tools by export restrictions imposed on Chinese firms by the United States and other countries, bowing to American pressure.然而，这家成立仅十年的企业所受到的经营束缚远多于许多竞争对手。在美国施压下，许多国家对中国企业实施出口限制，致使长鑫科技无法获取一些最先进的芯片制造设备。These curbs have made the fast-growing company a linchpin in China’s drive to nurture homegrown suppliers to reduce its dependence on foreign technology. Chip manufacturing has been a bright spot for China’s economy, propping up activity that has otherwise been sluggish. Government data released on Wednesday showed that economic growth last quarter slowed to its weakest rate in years.这些限制措施反而使这家快速成长的企业成为中国培育本土供应链、减少对外国技术依赖战略中的关键一环。芯片制造业也成为中国经济中的一大亮点，在整体增长乏力之际为经济提供了重要支撑。中国政府周三公布的数据显示，今年二季度经济增速已放缓至数年来最低水平。CXMT’s revenue jumped to nearly $7.5 billion in the first quarter, up more than 700 percent from a year earlier, according to its I.P.O. prospectus. It made a profit of more than $1 billion last year, a sharp turnaround from a loss of nearly $3 billion as recently as 2023.根据招股说明书，长鑫科技今年一季度营收508亿元，同比增长逾700%。公司去年实现利润超过10亿美元，与2023年近30亿美元的亏损相比，实现了大幅扭亏。CXMT is starting to make inroads in the global memory market, which is dominated by the South Korean companies Samsung Electronics and SK Hynix, plus Micron Technology of the United States. CXMT held 8 percent of the global market share in the first quarter of 2026, up from 3 percent a year earlier, according to Counterpoint Research.在全球存储芯片市场，长鑫科技正开始站稳脚跟。这一市场长期由韩国的三星电子和SK海力士以及美国的美光科技三巨头主导。根据Counterpoint Research的数据，长鑫科技今年一季度全球市场份额已达到8%，高于去年同期的3%。“CXMT encapsulates many of China’s technology ambitions in a single company,” said Kyle Chan, a fellow at the Brookings Institution who is a China tech policy expert. “The company is hitting its stride at a pivotal moment for China’s A.I. push.”布鲁金斯学会研究员、中国科技政策专家凯尔·陈（音）表示：“长鑫科技将中国众多科技雄心集于一身。在中国全力发展人工智能的关键时刻，公司正迎来高速发展的阶段。”The company is also a testament to returning Chinese talent and government largess.这家公司也是中国吸引海外人才回流以及政府大力扶持政策的一个缩影。长鑫科技创始人兼董事长朱一明毕业于中国顶尖学府清华大学，这所学校常被比作中国的麻省理工。他曾在硅谷创办一家芯片设计初创公司，之后回国发展。CXMT’s founder and chairman, Zhu Yiming, is a product of the elite Tsinghua University, often considered akin to the M.I.T. of China. He departed for America for graduate studies at the State University of New York at Stony Brook.长鑫科技创始人兼董事长朱一明毕业于中国顶尖学府清华大学，这所学校常被比作中国的麻省理工学院。随后，他赴美国纽约州立大学石溪分校念研究生。Mr. Zhu stayed in the United States, the hub of cutting-edge chip design. In Silicon Valley, he founded GigaDevice, a semiconductor design start-up, in 2005. He returned to China and in 2016 worked with the regional government to begin the project that became CXMT, with headquarters in Hefei in eastern China.朱一明后来留在了美国，这里是尖端芯片设计的中心。2005年，他在硅谷创立了半导体设计初创公司兆易创新。此后他回到国内，于2016年与地方政府合作启动了后来演变为长鑫科技的项目，公司总部设于中国东部城市合肥。Years of losses and billions of dollars in government subsidies followed. “The company has benefited from very generous government support, which is the sole reason it could enter the hugely capital intensive memory industry,” said Chris Miller, a professor at Tufts University and author of “Chip War,” which chronicles the global semiconductor race.此后数年，公司持续亏损，并获得了数十亿美元的政府补贴。“公司从政府那里获得了极为慷慨的支持，这是它得以进入资本高度密集的存储器行业的唯一原因，”塔夫茨大学教授、记录全球半导体竞赛的《芯片战争》(Chip War)一书的作者克里斯·米勒说道。The shares that CXMT plans to sell will represent about 10 percent of its stock, and could begin trading in the coming weeks. The sale also includes an option to sell extra shares after trading begins, depending on demand, worth about $1 billion.长鑫科技计划发行的股份约占其总股本的10%，可能在未来几周内开始交易。此次发行还包括一项超额配售选择权，可在上市后额外发行价值约10亿美元的股票。Despite its recent success, CXMT is behind market leaders in the most advanced technology, known as high-bandwidth memory. The ultrafast data-transfer technology is especially in demand for developing larger, more capable A.I. models.尽管近年来发展迅速，但在最先进的高带宽存储技术方面，长鑫科技仍落后于市场领导者。这种超高速数据传输技术是训练规模更大、能力更强的人工智能模型所急需的关键技术。Trade restrictions that prevent CXMT from buying the most advanced chip-making tools are making it harder for the firm to catch up. The company is working with domestic Chinese suppliers to create alternatives, but the trade curbs, analysts say, are a major obstacle.贸易限制措施使得长鑫科技无法采购最先进的芯片制造设备，这也增加了其追赶领先企业的难度。公司正与中国本土供应商合作开发国产替代设备，但分析人士认为，贸易管制仍是一大主要障碍。“It’s going to be a steep hill to climb for CXMT in the high-bandwidth memory market,” said Neil Shah, vice president of research for Counterpoint Research.Counterpoint Research研究副总裁尼尔·沙阿表示：“对于长鑫科技来说，要在高带宽存储市场迎头赶上，将是一段异常艰难的征程。”For an ascendant Chinese company like CXMT, geopolitics is part of doing business. The Pentagon has placed the state-backed company on a list of companies with alleged ties to China’s military, making it a potential national security concern.对于长鑫科技这样正在崛起的中国企业而言，地缘政治已是经营的必然组成部分。五角大楼已将这家国有背景企业列入据称与中国军方存在关联的实体清单，使其成为潜在的国家安全关切对象。In its prospectus for investors, CXMT addressed this political risk factor. The language was oblique, but the message was clear: It said that if “relevant countries” tightened restrictions further, the company “may face supply chain instability.”长鑫科技在招股说明书中也提到了这一政治风险。措辞虽然委婉，但含义十分明确：公司表示，如果“相关国家”进一步收紧限制措施，公司可能“面临产业链不稳定的风险”。Steve Lohr撰写关于科技及其对经济、就业和劳动市场的影响的文章。Xinyun Wu是《纽约时报》记者/研究员，常驻台北，报道科技、台湾和中国新闻。翻译：纽约时报中文网点击查看本文英文版。