ChangXin Memory Technologies (CXMT), China's leading memory chip maker, saw its shares surge nearly 470 percent on its first day of trading Monday, July 27, 2026, on the Shanghai stock exchange.
The massive gain pushed the decade-old semiconductor firm's valuation beyond $480 billion, making it the most valuable company on the exchange.
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Trading for CXMT opened at 49.50 renminbi after its initial public offering at 8.66 renminbi.
Shares closed the session at 49.00 renminbi, surpassing the Industrial and Commercial Bank of China, which held the previous top valuation at approximately $385 billion.
Strong Debut Amid Market Volatility
The listing follows Asia's largest initial public offering this year, which established an initial valuation of over $85 billion two weeks ago.
The stock's performance comes despite recent global volatility and sell-offs across technology sectors driven by investor scrutiny over high artificial intelligence valuations.
Demand for memory chips has surged globally due to the expansion of massive AI data centers in the United States and China.
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CXMT plays a crucial role in Beijing's strategy to foster domestic semiconductor suppliers and reduce reliance on foreign technology amid rising tensions with the United States.
Financially, CXMT reported nearly $7.5 billion in first-quarter revenue for 2026, representing growth of more than 700 percent year-over-year, according to its prospectus.
The company recorded a profit exceeding $1 billion last year, rebounding from a $2.8 billion loss in 2023.
Data from tech market research firm Counterpoint Research shows CXMT captured 8 percent of the global memory market in the first quarter of 2026, up from 3 percent a year prior.
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The global sector continues to be led by South Korea's Samsung Electronics and SK Hynix, alongside American manufacturer Micron Technology.
