CXMT Surges 470% in STAR Market Debut, Market Cap Tops $480 Billion
ChangXin Memory Technologies (CXMT) shares surged 470% on their first trading day on the Shanghai Stock Exchange’s STAR Market on July 27, closing at 49.00 yuan from an IPO price of 8.66 yuan and propelling its market capitalization to more than US$480 billion, overtaking ICBC as the most valuable A-share company. The offering raised 57.92 billion yuan, the largest in STAR Market history and Asia’s biggest IPO of 2026. CXMT, China’s largest DRAM maker, also reported a first-quarter 2026 revenue leap of over 700% year on year to nearly US$7.5 billion.
On July 27, ChangXin Memory Technologies (CXMT) listed on the Shanghai Stock Exchange’s STAR Market. On its first day, the stock surged roughly 470% from its initial public offering price, opening at 49.50 yuan and closing at 49.00 yuan, compared with an IPO price of 8.66 yuan. The company’s market capitalization exceeded US$480 billion at the close, making it the most valuable A-share company and surpassing Industrial and Commercial Bank of China’s approximately US$385 billion. The IPO raised 57.92 billion yuan, the largest in the history of the STAR Market and Asia’s biggest initial public offering of 2026.
CXMT’s revenue in the first quarter of 2026 soared to nearly US$7.5 billion, a year-on-year increase of more than 700%. The company recorded a profit of over US$1 billion in 2025, compared with a loss of US$2.8 billion in 2023. CXMT’s share of the global DRAM market reached 8% in the first quarter of 2026, up from 3% a year earlier. The global DRAM market is currently dominated by Samsung Electronics, SK Hynix, and Micron Technology.
CXMT plans to allocate 29.5 billion yuan 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 that includes patent portfolios acquired from Qimonda and Rambus. CXMT has achieved mass production of DDR4 and DDR5 memory, with DDR5 speeds reaching 8000 Mbps.
China’s DRAM industry has undergone 36 years of development. In the 1990s, Huajing Electronics, Hua Hong NEC, and Semiconductor Manufacturing International Corp. (SMIC) each attempted DRAM manufacturing but exited due to technological backwardness and market volatility. In 2016, with support from the Hefei municipal government and the National Integrated Circuit Industry Investment Fund, CXMT was founded and has invested a cumulative total of more than 170 billion yuan, ultimately realizing independent mass production of DRAM.