The Curious Case of CXMT: China’s Chip Giant Surges 470% in Shanghai Debut After Asia’s Biggest IPO

ChangXin Memory Technologies (CXMT) shares surged approximately 470% on its Shanghai STAR Market debut on July 27, 2026.

CXMT raised 57.92 billion yuan ($8.6 billion) in Asia's largest IPO of 2026 and mainland China's biggest since 2010.

The opening surge pushed CXMT's market capitalization to roughly 3.3 trillion yuan ($480 billion).

CXMT secured a 7.67% share of the global DRAM market by late 2025 and plans to use IPO proceeds for DDR5 and High-Bandwidth Memory (HBM) production expansion.

US lawmakers have urged restrictions on procurement of memory chips from state-subsidized Chinese vendors like CXMT, though the Commerce Department has deferred adding CXMT to the Entity List.