CXMT IPO raises 66.6bn yuan, tops China market cap

Shares of ChangXin Memory Technologies (CXMT), China's leading memory chipmaker, surged nearly 470 percent in their trading debut on the Shanghai STAR Market on Monday, July 27, 2026, instantly making the company the most valuable listed firm in mainland China. The blockbuster initial public offering raised approximately 66.6 billion yuan ($9.8 billion), establishing a new record for a Chinese semiconductor listing and catapulting CXMT's market capitalization to around 3.3 trillion yuan ($487 billion), surpassing the Industrial and Commercial Bank of China.

The historic debut underscores intense investor appetite for a homegrown semiconductor champion at the center of Beijing's push for technological self-reliance. The retail portion of the IPO was oversubscribed by 212 times, with individual investors submitting orders worth trillions of yuan. The stock opened at 49.50 yuan, far above its offer price of 8.66 yuan per share.

Founded in 2016 in Hefei, Anhui province, CXMT is the world's fourth-largest producer of dynamic random-access memory (DRAM) chips, which provide short-term memory for devices ranging from smartphones and personal computers to servers powering artificial...