Shares of ChangXin Memory Technologies (CXMT) surged 466% on their trading debut on Shanghai’s STAR Market. The company’s market capitalization reached about 3.3 trillion yuan (roughly $484.6 billion), making CXMT the most valuable publicly listed company in mainland China. The firm overtook Industrial and Commercial Bank of China (2.6 trillion yuan) on this metric.
The Hefei-based company raised 57.92 billion yuan (about $8.6 billion) in its IPO — the largest listing in Asia this year. Trading turnover on debut day exceeded 140 billion yuan, making CXMT the first mainland-listed stock to see single-day turnover surpass 100 billion yuan.
According to the company’s IPO prospectus, CXMT held a 7.67% share of the global DRAM chip market in 2025. The market is traditionally dominated by Samsung Electronics, SK Hynix, and Micron Technology. Interest in the company was fueled by reports that Apple has begun testing its memory chips for devices sold in China.
In the first quarter, CXMT posted an operating profit of 35.43 billion yuan, compared with a loss a year earlier. Morningstar analysts link the company’s prospects to Beijing’s push for semiconductor self-sufficiency amid the growing importance of AI for China’s national security.
