Chipmaker CXMT's 466% Market Debut Surge Makes It the Most Valuable China-Listed Company

What happened

ChangXin Memory Technologies (CXMT), a Hefei-based DRAM manufacturer, debuted on Shanghai's STAR Market on July 27, 2026, opening at 49.50 yuan — a 466% surge from the IPO price of 8.66 yuan. Its market cap hit 3.3 trillion yuan ($487B), making it mainland China's most valuable listed company.

Context and impact

CXMT manufactures DRAM chips that power AI data centers, smartphones, and PCs. The company benefits from the AI-driven memory demand surge and China's push to reduce dependence on Samsung and SK Hynix. The massive investor reaction reflects the strategic value of AI memory components.

Details

• IPO raised $8.6B at 8.66 yuan/share — mainland China's largest semiconductor offering on record
• Opening price: 49.50 yuan (+471%); intraday peak reached +531%
• Market cap: ~3.3 trillion yuan ($487B) at close
• H1 2026 outlook: 110–120B yuan revenue (7× YoY), 66–75B yuan profit — reversing prior losses
• Only 7% of shares available for trading Day 1 — extreme supply/demand imbalance