Xi’an UniIC, a dynamic random-access memory (DRAM) manufacturer backed by China’s technology conglomerate Tsinghua UniGroup, is accelerating its push for a public listing in Beijing, joining its larger rival ChangXin Memory Technologies (CXMT) in seeking to ride the current memory supercycle.

UniIC recently completed its initial public offering (IPO) tutoring phase, a step that is mandatory for public listings in mainland China, five months after the company initiated the process, according to records released on Tuesday on the official website of the China Securities Regulatory Commission.

The progress in UniIC’s listing preparations comes on the heels of CXMT, China’s top DRAM manufacturer, which was recently approved by the Shanghai Stock Exchange for a colossal 29.5 billion yuan (US$4.35 billion) listing on the Nasdaq-style Star Market, putting it on track to become the largest IPO of the year in mainland China.

The rush for capital underscores how China’s memory chipmakers are hoping to capitalise on the artificial intelligence-driven global supercycle that is currently fuelling massive demand for their products.

As the supply crunch leads to revenue surges and sky-high valuations for memory firms, the appetite for domestic memory chip champions – which could potentially challenge global giants like Samsung Electronics, SK Hynix, and Micron Technology – is at a fever pitch.

It also follows the dual listings of GigaDevice Semiconductor and Montage Technology, two Shanghai-listed memory companies, in Hong Kong earlier this year. Shares of both companies surged over 300 per cent and 220 per cent since their IPOs in January and February, respectively.