Historic Debut: CXMT’s Unprecedented 466% Surge in $8.6B IPO
On July 27, 2026, the global spotlight shone on China’s memory chip sector as ChangXin Memory Technologies (CXMT) made a spectacular debut on Shanghai’s tech-centric STAR Market. The company’s shares skyrocketed by a staggering 466% in the opening session, crowning it as China’s most valuable mainland-listed company in a single day.
The Hefei-based DRAM manufacturer, CXMT, raised a whopping 57.92 billion yuan ($8.6 billion) after pricing its IPO at a mere 8.66 yuan per share. By the close of the session, shares had soared to 49 yuan, catapulting CXMT’s market capitalization to approximately 3.3 trillion yuan (~$480 billion). This monumental achievement surpassed the Industrial and Commercial Bank of China and marked the biggest IPO in Asia for 2026. It also set a new record for a Chinese semiconductor company on a mainland exchange since SMIC’s 53.2 billion yuan record in 2020.
As the world’s fourth-largest DRAM producer, CXMT holds a 7.67% share of the global DRAM market as of late 2025. The company trails behind industry giants Samsung, SK Hynix, and Micron. The funds raised from the IPO will primarily be used for mass-producing memory wafers. In addition, CXMT is currently developing high-bandwidth memory (HBM) chips for AI training. The company’s explosive debut is indicative of the surging global demand for AI memory and Beijing’s push for semiconductor self-sufficiency amidst ongoing geopolitical tensions.
Source: CNBC — July 27, 2026