CXMT shares surge over 470% in Shanghai debut, becomes China's most valuable listed firm

Shares of Chinese memory chipmaker CXMT (ChangXin Memory Technologies) surged approximately 470% on their Shanghai STAR Market debut on Monday, July 27, catapulting the company to a market capitalization of about 3.3 trillion yuan (US$489 billion) and making it the most valuable firm listed on mainland Chinese exchanges Source: CNASource: SCMP. The stock opened at 49.50 yuan per share, compared to its IPO price of 8.66 yuan, and the rally lifted CXMT past Industrial and Commercial Bank of China (ICBC) as the top-valued listed company Source: CNA.

The IPO and Market Impact

CXMT raised 57.92 billion yuan (US$8.6 billion) in the offering, with the potential to increase to 66.61 billion yuan if the over-allotment option is fully exercised. This is the largest IPO in Asia this year Source: CNASource: CNBC. Only 6.73% of CXMT's shares are freely tradable due to lock-up restrictions, which could amplify price volatility Source: CNA. The listing comes amid concerns that such a large offering might drain liquidity from the broader Chinese market. The China Securities Regulatory Commission (CSRC) held meetings to address market stability, pledging stronger guidance and stabilization mechanisms Source: SCMP.

Company Background and Growth

CXMT, founded in 2016, is a leading Chinese DRAM manufacturer. It held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus Source: CNBC. The company swung to an operating profit of 35.43 billion yuan in the first quarter of 2026, from a loss a year earlier, driven by rising demand for computing power Source: CNBC. Recently, Apple reportedly began testing CXMT's DRAM for devices sold in China, highlighting the chipmaker's growing relevance Source: CNBC. The global DRAM market remains dominated by Samsung, SK Hynix, and Micron Source: CNBC.