Chinese memory chipmaker ChangXin Memory Technologies (CXMT) saw its stock surge nearly 470% on July 27, 2026, during its debut on Shanghai's STAR Market, making it China's most valuable listed company.
The Hefei-based semiconductor firm raised 57.92 billion yuan ($8.6 billion) after pricing its initial public offering at 8.66 yuan per share.
Shares opened at 49.50 yuan, lifting CXMT's total market capitalization to 3.3 trillion yuan ($487.31 billion), surpassing Industrial and Commercial Bank of China as the market's heavyweight.
IPO Details and Market Reaction
Proceeds from Asia's largest IPO this year could reach 66.61 billion yuan if an over-allotment option is exercised.
According to company filings, the limited initial free float of 6.73% contributed to the sharp trading valuation during its opening minutes.
Market sentiment and the constrained share supply played key roles in the rapid price movement on the first day of trading.
"A 470% performance on day one isn't that rare.
What's very prominent in this particular case is a company of this size performing so well," said Theodore Shou, CEO at Yiyi Capital.
The debut follows reports that Apple began testing CXMT's DRAM chips for devices sold within China.
The memory manufacturer swung to an operating profit of 35.43 billion yuan in the first quarter of 2026, up from a loss of 2.83 billion yuan a year earlier, driven by surging global computing demand.
According to its IPO prospectus, CXMT held a 7.67% share of the global DRAM market in 2025 based on fourth-quarter sales figures.
The global sector remains primarily dominated by Samsung Electronics, SK Hynix, and Micron Technology.
"I have no doubt the company is going to grow to be a global leader.
It's maybe just a question of time that it can be not only a challenger, it can be a global champion in this particular sector," said Shou.
Founded in 2016 by Chairman Zhu Yiming, CXMT plans to deploy the capital raised primarily toward memory wafer mass production and research projects to expand its manufacturing capacity.
