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- CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus.
- The Hefei-based company had raised 57.92 billion yuan ($8.6 billion) in its IPO.
- The company plans to use the IPO proceeds mainly for mass-producing memory wafers.
General view of CXMT office buildings is seen in Shanghai, China, on July 15, 2026, as CXMT raises billions for AI technology (Photo by Ying Tang/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty Images
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. DRAM chips are used in electronic devices ranging from smartphones to servers.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology.
“I have no doubt the company is going to grow to be a global leader. It’s maybe just a question of time that it can be not only a challenger, it can be a global champion in this particular sector,” said Theodore Shou, CEO at Yiyi Capital on CNBC’s “Squawk Box Asia.”
The listing comes at a time when CXMT has seen increased attention, following reports earlier this month that Apple has begun testing the Chinese chipmaker’s DRAM for devices sold in China.
CXMT 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.
“A 470% performance on day one isn’t that rare. What’s very prominent in this particular case is a company of this size performing so well,” Shou said. In the past, such performance was primarily driven by smaller-cap companies, he said, adding that for CXMT, the relatively limited free float on day one, combined with the built-up market sentiment, were key factors driving the surge.
Founded in 2016 by Chairman Zhu Yiming, the company plans to use the IPO proceeds primarily for memory wafer mass production and R&D projects to boost its technological capabilities and core competitiveness, according to a Google translation of the information in the prospectus.
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