ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, raised RMB57.92 billion ($8.6 billion) in its Shanghai STAR Market IPO on July 27, in what became the largest mainland semiconductor offering on record. By the midday break, its shares had risen 531% from the IPO price, pushing its market value to RMB3.66 trillion and making it the most valuable company listed on China’s mainland exchanges, according to report.
CXMT’s debut is significant first because of its scale. The listing turned a memory-chip manufacturer into China’s largest A-share company by market capitalization, surpassing major banks, internet companies and chipmakers including Intel in market value.
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CXMT’s IPO and Market Value
The IPO was the largest listing on Shanghai’s STAR Market and the second-largest IPO on a mainland Chinese exchange after Agricultural Bank of China’s 2010 offering. CXMT’s valuation reflects both strong investor demand for domestic semiconductor companies and expectations that AI infrastructure will keep driving memory demand.
CXMT sold 6.688 billion shares at RMB8.66 each. The stock opened at RMB49.50 and reached RMB54.65 by the midday break. The company plans to use RMB29.5 billion of the proceeds for production-line upgrades, DRAM technology upgrades and forward-looking DRAM research and development.
Company Performance and Plans
CXMT generated RMB50.8 billion in revenue in the first quarter of 2026, up more than 700% year on year, as demand for memory chips increased alongside AI server investment. The company’s core business is DRAM, the memory used in servers, PCs, smartphones, automobiles and other electronic products.
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Its rise comes during a global memory upcycle driven by AI data centers, which require both conventional DRAM and higher-bandwidth memory. The IPO-funded projects focus on DRAM production and research rather than a standalone HBM project.
CXMT has been developing HBM-related capabilities, but commercial HBM production requires additional advances in stacking, packaging, testing and customer validation. The listing gives CXMT more capital to expand its domestic memory business, while its future valuation will depend on whether it can turn that manufacturing scale into higher-value products.
