Chinese Chip Giant CXMT Soars 531% in Market Debut

China’s largest memory chip maker, Changxin Memory Technologies (CXMT), saw its stock price surge more than 530% on its first day of trading in Shanghai. By midday, shares were trading at 54.65 yuan ($8.07), up from an initial offer price of 8.66 yuan ($1.28). The company raised up to $9.8 billion in what is the second-largest initial public offering (IPO) in mainland China’s history, behind only the Agricultural Bank of China’s $10 billion IPO in 2010. The tech group is now the most valuable listed company in mainland China, with a market capitalization of about 3.66 trillion yuan ($539.7 billion). That puts it ahead of state-owned bank ICBC and even surpasses U.S. tech giant Intel. CXMT plans to use the funds to double its production capacity this year and accelerate research and development. About 10% of the shares are for retail investors, while half are reserved for strategic partners, including state entities, Alibaba, and electric vehicle maker Nio. Founded in 2016 in Hefei, CXMT is China’s top producer of DRAM chips—a type of memory used in smartphones and AI servers. It is the world’s fourth-largest DRAM maker, with a 7.67% market share as of late 2025. The IPO is seen as a test for China’s tech market, especially after recent government intervention to stabilize falling stock prices. Some analysts worry the large offering could strain market liquidity, but regulators have dismissed those fears. If successful, the listing may encourage other Chinese tech firms, like Yangtze Memory and Baidu’s chip unit Kunlunxin, to go public as well.