When ChangXin Memory Technologies opened on Shanghai's STAR Market on July 27, it did not just list—it rewrote the domestic equity leaderboard in minutes. Shares that priced at 8.66 yuan began trading at 49.50 yuan, a jump of nearly 470%, and the early rally pushed the company's market capitalisation to about 3.3 trillion yuan. That single move vaulted CXMT past Industrial and Commercial Bank of China to become the most valuable company listed on mainland exchanges.
The debut was the culmination of Asia's largest initial public offering of 2026. CXMT raised 57.92 billion yuan, or roughly $8.6 billion, with proceeds potentially rising to 66.61 billion yuan if the full over-allotment option is exercised. At the IPO price, the implied market value was about $85.5 billion. Within the first few minutes of trading, that figure had multiplied several times over.
Behind the price action sits a company that has rapidly become central to Beijing's semiconductor ambitions. CXMT is the world's fourth-largest producer of DRAM memory chips, holding a 7.67% share of the global market as of 2025. It is based in Hefei, Anhui province, and was founded in 2016 by chairman Zhu Yiming. The company plans to use the IPO proceeds primarily for memory wafer mass production and research and development projects.