CXMT Surges 470% on STAR Market Debut, Becomes Largest A-Share Company

CXMT (ChangXin Memory Technologies) listed on the STAR Market of the Shanghai Stock Exchange on July 27, with shares surging about 470% from the issue price on the first day. The stock closed at RMB49.00, after opening at RMB49.50, against an issue price of RMB8.66. The company's market value exceeded US$480 billion at the close, making it the most valuable A-share company, surpassing ICBC, which had a market value of about US$385 billion. The IPO raised RMB57.92 billion, the largest initial public offering in Asia in 2026 and the largest ever on the STAR Market.

CXMT's first-quarter 2026 revenue jumped to nearly US$7.5 billion, up more than 700% year-on-year. In 2025, the company recorded a profit of over US$1 billion, after a loss of US$2.8 billion in 2023. In the global DRAM market, CXMT's share reached 8% in the first quarter of 2026, compared with 3% in the same period of 2025. The global DRAM market is currently dominated by Samsung Electronics, SK Hynix and Micron Technology.

CXMT plans to allocate RMB29.5 billion of the IPO proceeds to production line upgrades, DRAM technology upgrades and forward-looking DRAM research and development. Founded in 2016, the company is China's largest DRAM manufacturer, with technology including patent portfolios acquired from Qimonda and Rambus. CXMT has achieved mass production of DDR4 and DDR5 memory, with DDR5 speeds reaching 8,000 Mbps.

China's DRAM industry has developed over 36 years. In the 1990s, Huajing Electronics, Hua Hong NEC and SMIC successively attempted DRAM manufacturing but exited due to technological backwardness and market volatility. In 2016, with support from the Hefei municipal government and the national industry fund, CXMT was established, with cumulative investment exceeding RMB170 billion, ultimately achieving independent mass production of DRAM.