Chinese memory chipmaker ChangXin Memory Technologies (CXMT) made a stunning debut on the Shanghai Stock Exchange's STAR Market on July 27, 2026, with its stock price surging as much as 535 percent.
The massive leap briefly pushed the company's total market value to 3,300 billion renminbi, equivalent to approximately 427.5 billion euros.
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Record-Breaking IPO
The initial public offering raised 66.6 billion renminbi, making it the second-largest IPO in Chinese history.
Following the initial trading spike, CXMT became the largest company on the Chinese mainland outside of Hong Kong.
The company specializes in manufacturing dynamic random-access memory (DRAM) chips used in laptops, mobile phones, and data centers.
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Demand for these chips has grown rapidly due to heavy global investments in artificial intelligence infrastructure.
CXMT enters a market dominated by three major global manufacturers: South Korea's Samsung and SK Hynix, and US-based Micron Technology.
Despite its smaller relative size, the public debut aims to fund the firm's long-term technology and capacity expansion.
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Investment expert Corné van Zeijl highlighted the unprecedented scale of the market debut.
