ChangXin Memory Technologies (CXMT) shares surged approximately 470% on their debut on the Shanghai Stock Exchange STAR Market on July 27, 2026, reaching a market capitalization of about 3.3 trillion yuan (US$487 billion) and surpassing Industrial and Commercial Bank of China to become the most valuable listed company in mainland China [1, 2, 3, 4, 5, 6].
CXMT priced its initial public offering at 8.66 yuan per share, but shares opened above 49 yuan and peaked above 55 yuan on the first day of trading [2, 5, 6, 7]. The exceptionally low free float of only 6.7% to 7% of shares being tradable at listing limited supply, fueling the stock's remarkable surge. Anna Macdonald, Investment Strategy Director at Hargreaves Lansdown, said, "The reason for the extraordinary bounce this morning is that only 7% of the shares are available for trading" [1].
The offering raised between 57.9 billion yuan (US$8.6 billion) and 66.6 billion yuan (US$9.8 billion), marking the largest IPO on the Shanghai STAR Market and one of Asia's biggest for 2026 [8, 2, 9, 10, 6, 7].
Founded in 2016 and headquartered in Hefei, Anhui Province, CXMT is China's leading dynamic random-access memory (DRAM) chipmaker and the world's fourth-largest DRAM producer, holding a 7.7% global market share in 2025 [1, 3, 4, 6, 11]. Despite dominating the global DRAM market, South Korean giants Samsung Electronics and SK Hynix, along with US-based Micron Technology, still hold about 90% of worldwide production [1, 4, 6].
CXMT’s revenue has surged in 2026, with first-quarter revenue rising 719% year-on-year to 50.8 billion yuan. The company expects first-half 2026 revenue to nearly double its full-year 2025 revenue of 61.8 billion yuan, reaching between 110 billion and 120 billion yuan [3, 6, 11].
CXMT plans to use the bulk of IPO proceeds to expand DRAM chip production and invest in research and development to boost its technological capabilities [1, 6].
The stock’s overwhelming debut reflects strong domestic investor demand for homegrown semiconductor companies amid China’s push for technological self-reliance [1, 3, 4, 7, 11].
