China's CXMT debuted on Shanghai stock exchange with 471% first-day surge, becoming China's leading listed DRAM/HBM memory producer and reshaping global chip supply dynamics.
China's leading DRAM maker, CXMT, officially debuted on the Shanghai Stock Exchange's STAR Market on July 27, with shares surging 471.6% on the first trading day. After pricing its IPO at RMB 8.66 per share, the stock climbed to an intraday high of RMB 49.50, lifting CXMT's market capitalization to approximately RMB 3.3 trillion (US$487 billion) and establishing it as China's most valuable listed company. This valuation exceeded that of Intel (US$464 billion) and Cisco (US$450 billion).
The offering raised at least RMB 57.9 billion (US$8.6 billion), making it Asia's largest IPO in 2026 and the largest listing in STAR Market history, surpassing SMIC's RMB 53.2 billion offering in 2020. With the potential exercise of an over-allotment option to sell an additional 15% of shares, total proceeds could reach RMB 66.6 billion.
The company's exceptional financial performance reflects the global AI boom's impact on memory pricing. CXMT expects first-half 2026 net profit between RMB 50 billion and RMB 57 billion, a dramatic reversal from a RMB 2.3 billion net loss a year earlier. Reinforcing this momentum, the company signed a five-year supply agreement with ByteDance, TikTok's parent company, valued at more than US$7 billion.
Despite strong growth, CXMT remains the fourth-largest DRAM supplier by revenue in first-quarter 2026, holding a 7.6% market share. Samsung, SK Hynix, and Micron continue to dominate, collectively accounting for 89.7% of the global market. CXMT's gains have been supported by advances in its G4 process technology, which has significantly improved product quality and production output.
China remains CXMT's primary market as the nation pursues self-sufficient AI supply chain development, positioning the firm as strategically important. The company has shifted its product mix away from mobile DRAM amid weak smartphone shipments, with server DRAM now expected to become its largest product segment.