CXMT raised $8.6 billion through its initial public offering, marking mainland China’s biggest IPO in years |ChangXin Memory Technologies
CXMT, China’s largest memory chipmaker and world’s fourth-largest maker of DRAM, made a spectacular stock market debut on Monday as its shares soared 466% on the Shanghai Stock Exchange.
The strong performance pushed the company’s market value to about $487 billion, making it the most valuable company listed on mainland China’s stock exchanges.
The company was founded in 2016 and has seen rising demand for its chips, which power AI servers, smartphones, computers and vehicles.
China sees CXMT as a key player in its drive to become more self-reliant in advanced technology despite US-led export restrictions on chipmaking equipment. The company’s revenue jumped more than 700% in the first quarter of 2026, driven by booming AI demand.
Industry experts say CXMT has strong growth potential but still faces challenges in accessing advanced manufacturing tools needed to compete with global leaders like Samsung, SK Hynix and Micron.