CXMT debuts as mainland China’s most valuable stock after record IPO

Memory chipmaker CXMT has become the most valuable company listed on a mainland Chinese stock exchange after its shares soared in their Shanghai trading debut, The Associated Press reported.

The company raised at least $8.6 billion in its initial public offering, pricing shares at $1.3 on the Shanghai Stock Exchange’s STAR Market. The listing ranks as mainland China’s second-largest IPO, behind Agricultural Bank of China’s $22.1 billion offering in Shanghai and Hong Kong in 2010.

Founded in 2016 in Hefei, CXMT is one of the world’s largest producers of DRAM chips used in AI servers, automobiles, smartphones and personal computers. In the first three months of 2026, as AI demand accelerated, the company reported $7.5 billion in revenue, a more than 700% year-on-year increase. Its market capitalization has also risen to more than $487 billion, driven by strong investor demand.

The company’s expansion has also been driven by China’s push to build a more self-sufficient semiconductor industry amid U.S.-led restrictions on advanced chipmaking equipment. However, CXMT remains smaller by market value than chipmakers such as Samsung Electronics, SK Hynix and Micron Technology.