ChangXin Memory Technologies (CXMT), a key player in China’s push for domestic artificial intelligence technology, is preparing for a major public offering in Shanghai aimed at raising nearly $10 billion.

China’s top memory chip manufacturer is set to raise billions through a significant public offering, aligning with China’s technological self-reliance and ambition for global leadership in artificial intelligence development.

According to a Wednesday filing, CXMT has nearly doubled its offering price on the Shanghai exchange from previous guidance due to strong investor demand. The company aims to gather approximately $9.8 billion.

This would stand as the largest initial public offering in Asia this year and ranks among the most significant ever on a mainland Chinese exchange.

The booming demand for memory chips, fueled by A.I.-led growth, is a key driver behind investor interest. Memory chips are essential in shuttling data quickly to and from computer processing engines. The endless demand of A.I. data centers in the U.S. and China is notably boosting this interest.

Despite its success, CXMT faces operational challenges due to restrictions on acquiring advanced chip-making tools, imposed by the U.S. and other countries. These export limitations stem from political pressure from the United States.