ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, closed 466% higher in its trading debut on Shanghai's STAR Market, vaulting to a market capitalization of approximately 3.3 trillion yuan and overtaking Industrial and Commercial Bank of China's 2.6 trillion yuan to become the most valuable China-listed company2,6.
The Hefei-based company priced its initial public offering at 8.66 yuan per share, selling approximately 6.8 billion shares and raising 57.92 billion yuan ($8.6 billion) — making it Asia's largest IPO so far this year. Shares closed at 49 yuan.
CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers. The company plans to use the IPO proceeds mainly for mass-producing memory wafers.
The company swung to an operating profit of 35.43 billion yuan in the first quarter, from a loss of 2.83 billion yuan a year earlier. CXMT was founded in 2016 by Chairman Zhu Yiming.
Following the IPO, CXMT's founder pledged $5.6 billion to workers5.
Separately, broader chip stocks have faced selling pressure, though CXMT's listing has held up amid the downturn3.
ANALYSIS The scale of CXMT's debut — a near-sixfold price jump on $8.6 billion in IPO proceeds — reflects intense investor demand for domestic semiconductor exposure on Chinese exchanges.