Shares of Changxin Technology Group, known as CXMT, surged about 470% this Monday during their debut on the STAR market in Shanghai. The move placed the Chinese chipmaker among the most valuable companies listed in China.
The company, based in Hefei, raised 57,92 billion yuan, approximately US$ 8,6 billion, after setting the price of its initial public offering (IPO) at 8,66 yuan per share. The deal became Asia’s largest public listing in 2026 so far.
Right at the opening of trading, the shares surpassed 49 yuan. With the strong appreciation, CXMT’s market capitalization reached approximately 3,3 trillion yuan, highlighting investor interest in the semiconductor sector.
The company operates in the manufacture of DRAM memory, components used in smartphones, computers, servers, and other electronic equipment. According to information presented in the IPO prospectus, CXMT had 7,67% of the global DRAM market in 2025, considering fourth-quarter sales data.
Founded in 2016 by chairman Zhu Yiming, the manufacturer intends to direct most of the funds raised to expand the mass production of memory wafers. The money will also be used for research and development, with a focus on technological advancement and the company’s competitiveness.
Recent financial results help explain the attention on the company. In the first quarter, CXMT posted operating profit of 35,43 billion yuan, reversing the loss of 2,83 billion yuan recorded in the same period of the previous year.
The performance came amid rising global demand for computing capacity and the distribution of productive capacity among major manufacturers. The expansion of artificial intelligence also increased demand for memory components used in technological infrastructure.
CXMT drew additional attention after reports that Apple began testing DRAM memory produced by the Chinese company for devices sold in China.
Despite the manufacturer’s growth, the global DRAM market is still led by Samsung Electronics, SK Hynix, and Micron Technology, which maintain relevant positions in the global production of memory chips.