CXMT shares surge over 500% on market debut

ChangXin Memory Technologies (CXMT) raised 57.92 billion yuan ($8.6 billion) in Asia's biggest IPO this year.

CXMT shares surged over 500% on debut, lifting market cap to about 3.65 trillion yuan ($539.21 billion), making it China's most valuable listed company.

CXMT is China's leading producer of DRAM chips, used in smartphones, PCs, servers, and AI systems.

CXMT became the world's fourth-largest DRAM manufacturer with a 7.7% market share in 2025, driven by AI demand.

First-quarter revenue surged 719% year-over-year to 50.8 billion yuan ($7.51 billion), and first-half 2026 revenue is expected to nearly double full-year 2025 revenue.