General view of CXMT office buildings is seen in Shanghai, China, on July 15, 2026, as CXMT raises billions for AI technology (Photo by Ying Tang/NurPhoto via Getty Images)
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Shares of chipmaker Changxin Technology Group rose about 470% Monday as they debuted on Shanghai’s tech-heavy STAR Market, making CXMT the most valuable China-listed company.
The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia’s biggest so far this year.
CXMT shares surged to over 49 yuan apiece on open, giving the company a market cap of about 3.3 trillion yuan.
Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers.
Founded in 2016 by chairman Zhu Yiming, the company plans to use the IPO proceeds primarily for memory wafer mass production and R&D projects to boost its technological capabilities and core competitiveness, according to a Google translation of the information in the prospectus.
CXMT’s 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 saw continued growth in global computing power demand and capacity allocation by major manufacturers.
The listing comes at a time when CXMT has seen increased attention, following reports earlier this month that Apple has begun testing the Chinese chipmaker’s DRAM for devices sold in China.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology.
