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CXMT shares rise 472% as DRAM maker becomes largest China-listed firm by total market cap
China’s leading DRAM maker completes the biggest-ever Star Market IPO amid an AI-driven memory boom
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Howard Liuin BeijingPublished: 9:46am, 27 Jul 2026Updated: 10:12am, 27 Jul 2026
Shares of ChangXin Memory Technologies (CXMT), China’s leading maker of dynamic random-access memory (DRAM) chips, rose 472 per cent on their Shanghai trading debut, giving the company a market capitalisation of 3.31 trillion yuan (US$489 billion).
The Hefei-based company opened at 49.50 yuan on the Star Market on Monday morning, compared with its initial public offering (IPO) price of 8.66 yuan.
CXMT has become the most valuable company listed on the mainland Chinese market, trailing only Tencent Holdings and Alibaba Group Holding among all publicly traded Chinese firms.
The size of the closely watched offering, up to 66.6 billion yuan, is set to surpass the 53.2 billion yuan raised by chip foundry Semiconductor Manufacturing International Corporation (SMIC) in 2020.
There were market concerns that CXMT would draw funds away from other Chinese technology stocks, prompting the China Securities Regulatory Commission (CSRC) to hold a series of meetings with representatives of listed companies, securities firms, fund managers and academia.
Participants called for stronger guidance of market expectations and a more institutionalised market-stabilisation mechanism, while the regulator pledged to respond to concerns and enhance the market’s inherent stability, according to a CSRC statement issued on July 21.
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