CXMT Soars 466% in Blockbuster Shanghai Debut

CXMT is China’s largest producer of dynamic random-access memory and ranked fourth globally by 2025 shipments, with an estimated 8% share, according to Counterpoint Research. Its listing offers a high-profile test of investor appetite for China’s semiconductor drive as Beijing pursues technological self-reliance. The company is also benefiting from an AI-led memory cycle, as data centers increase demand for DRAM, though its scale remains behind established rivals Samsung Electronics, SK Hynix and Micron Technology.

CXMT began trading on Shanghai’s STAR Market on July 27, 2026, closing at 49 yuan, up 465.82% from its 8.66-yuan offer price. The company raised 57.92 billion yuan ($8.6 billion), the largest mainland Chinese IPO since Agricultural Bank of China’s 2010 offering and Asia’s biggest listing of 2026. The first-day jump lifted CXMT’s market capitalization to about 3.3 trillion yuan ($487 billion), making it the most valuable company listed in mainland China and overtaking Industrial and Commercial Bank of China.