China memory chipmaker CXMT skyrockets 470% in Shanghai debut
Shares of chipmaker Changxin Technology Group rose about 470% Monday as they debuted on Shanghai's tech-heavy STAR Market, making CXMT the most valuable...
Key points
- Shares of chipmaker Changxin Technology Group rose about 470% Monday as they debuted on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company.
- The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia's biggest so far this year.
- CXMT shares surged to over 49 yuan apiece on open, giving the company a market cap of about 3.3 trillion yuan.
- Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus.
What happened
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Shares of chipmaker Changxin Technology Group rose about 470% Monday as they debuted on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company. The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia's biggest so far this year. CXMT shares surged to over 49 yuan apiece on open, giving the company a market cap of about 3.3 trillion yuan. Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. CXMT's 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, as it saw continued growth in global computing power demand and capacity allocation by major manufacturers. The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology.