CXMT shares surged 465.82% on its STAR Market debut, closing at approximately $7.28 per share and briefly becoming China’s most valuable listed company with a market cap of roughly $490 billion. The IPO raised $8.6 billion, marking Asia’s largest completed offering this year. The DRAM manufacturer, holding 7.67% of global sales in Q4 2025, plans to invest proceeds into technology upgrades, memory wafer manufacturing, and R&D. Reports indicated Apple tested CXMT’s DRAM chips for potential use in China devices. China’s chip self-sufficiency strategy may provide additional tailwinds for the company’s expansion.
Changxin Technology Group, known as CXMT, saw its shares close at approximately $7.28 on its first trading day, up 465.82% from the $1.29 IPO price. The company briefly became China’s most valuable listed company.
The market cap reached roughly $490 billion at closing, exceeding the approximately $386 billion market cap of Industrial and Commercial Bank of China. The IPO raised $8.6 billion, becoming Asia’s largest completed offering this year.
CXMT produces DRAM chips used in smartphones, computers, data centers, and AI servers. The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology.
CXMT held 7.67% of global DRAM sales in Q4 2025, according to its IPO prospectus. The company lags behind the three leading competitors in technology but drew strong investor interest based on future growth expectations.
Reports indicated Apple tested CXMT’s DRAM chips for potential use in devices sold in China. A large supply agreement could improve the company’s reputation and facilitate further growth.
Operating profit reached $5.3 billion in Q1 2026, compared to a loss of $421 million in the same quarter the previous year. The company projected H1 2026 revenue of $15.3 to $16.7 billion, up over 600% year-over-year, with net profit margin above 45%.
According to Morningstar, CXMT could benefit from China’s policy aimed at building domestic AI infrastructure. Beijing is also working to reduce dependence on foreign semiconductor suppliers, and the company stated Chinese internet companies may buy memory chips from local producers.
Chairman Zhu Yiming founded CXMT in 2016. The company plans to invest IPO funds into technology upgrades, memory wafer manufacturing, and research and development.
