Chipmaker CXMT shares soar 466% in Shanghai debut, becomes China's most valuable listed co

Shares of chipmaker Changxin Technology Group, or CXMT, surged nearly 466 per cent on Monday on their debut on Shanghai’s tech-heavy STAR Market, making it the most valuable China-listed company. The Hefei-based firm had raised 57.92 billion yuan ($8.6 billion) after pricing its initial public offering at 8.66 yuan per share, making it Asia’s biggest listing so far this year.

CXMT shares closed at 49 yuan, giving the company a market capitalisation of about 3.3 trillion yuan and taking it past Industrial and Commercial Bank of China, which had a market value of 2.6 trillion yuan. The listing comes as the company has drawn increased attention following reports earlier this month that Apple has begun testing the Chinese chipmaker’s DRAM for devices sold in China.

According to its IPO prospectus, CXMT held a 7.67 per cent share of the global DRAM market in 2025, based on sales figures for the fourth quarter of 2025. DRAM chips are used in electronic devices ranging from smartphones to servers. The global DRAM market is dominated by Samsung Electronics, SK Hynix and Micron Technology.

CXMT also reported a sharp turnaround in performance. It swung to an operating profit of 35.43 billion yuan in the first quarter from a loss of 2.83 billion yuan a year earlier, as it benefited from continued growth in global computing power demand and capacity allocation by major manufacturers.

Founded in 2016 by chairman Zhu Yiming, CXMT said it plans to use the IPO proceeds to strengthen its technological capabilities and core competitiveness, mainly through memory wafer mass production and research and development projects, according to a Google translation of information in the prospectus. The listing marks a major debut for the Chinese memory chipmaker as it expands its position in the global DRAM market.