CXMT Shares Soar
CXMT shares soared in their first day of trading on Shanghai’s STAR Market, and delivered one of the most dramatic stock market debuts in recent years. Its performance even briefly transformed the Chinese memory chipmaker into the country’s most valuable listed company.
Changxin Technology Group, which is more commonly known as CXMT, closed at 49 yuan per share, which represented a gain of approximately 465.82% from its initial public offering price of 8.66 yuan.
CXMT share price (Source: Google Finance)
At the closing price, CXMT had a market capitalization of approximately 3.3 trillion yuan. That placed the semiconductor manufacturer ahead of Industrial and Commercial Bank of China, which had a market value of around 2.6 trillion yuan.
The Hefei-based company raised 57.92 billion yuan, which is equivalent to approximately $8.6 billion, through the offering. This made the CXMT IPO the largest completed in Asia so far this year.
CXMT Attracts Investors With AI and Semiconductor Growth
CXMT produces dynamic random-access memory, or DRAM, chips used in products including smartphones, computers, data centers and artificial intelligence servers. The global DRAM industry is currently dominated by Samsung Electronics, SK Hynix and Micron Technology.
Samsung DRAM chips
According to figures included in its IPO prospectus, CXMT held approximately 7.67% of the global DRAM market based on sales during the fourth quarter of 2025. Although the company still trails the industry’s largest manufacturers technologically, investors seem optimistic about its growth prospects.
CXMT also attracted attention after reports that Apple started testing the company’s DRAM chips for possible use in devices sold in China. A major supply agreement with Apple or another global electronics manufacturer could strengthen the company’s credibility and accelerate its expansion.
The chipmaker reported a big improvement in its financial performance during the first quarter. CXMT recorded an operating profit of 35.43 billion yuan, compared with an operating loss of 2.83 billion yuan during the same period a year earlier.
Morningstar said CXMT could become an important beneficiary of China’s efforts to develop domestic artificial intelligence infrastructure and reduce its dependence on foreign semiconductor suppliers. This could mean that Chinese internet companies building AI systems may start sourcing locally manufactured memory chips as Beijing promotes semiconductor self-sufficiency.
CXMT was founded in 2016 by Chairman Zhu Yiming, and plans to use the IPO proceeds to improve its technology, expand memory wafer production and finance research and development projects.