Business & Markets
CXMT rises 530% on debut to overtake ICBC as mainland China’s most valuable company
Chinese memory-chip maker ChangXin Memory Technologies, or CXMT, rose 530 percent on its market debut on Monday, lifting its market value to 3.65 trillion yuan, or $540 billion.
The increase took CXMT above ICBC by market capitalisation, making it mainland China’s most valuable company, AFP reported.
The listing came as demand linked to artificial intelligence has supported memory-chip makers and contributed to a global shortage.
CXMT is the world’s fourth-largest producer of DRAM memory chips, with about 8 percent of the market. It is seeking to compete with Samsung Electronics, SK hynix and Micron.
Bloomberg News reported that CXMT raised 66.6 billion yuan, or $9.8 billion, in its initial public offering. AFP said the amount would make it China’s largest mainland technology share sale, exceeding the 46.3 billion yuan raised by Semiconductor Manufacturing International Corp in 2020.
Larry Yang, chief economist at First Seafront Fund Management, said the buying reflected strong investor confidence in China’s main domestic memory-chip company. He said the listing would help CXMT finance production expansion and chip development.
Ellie Wang, an analyst at Taiwan-based TrendForce, said CXMT was a viable challenger to the three largest memory-chip makers as customers sought to diversify suppliers during the shortage.
Wang said the IPO was unlikely to relieve the shortage immediately because expanding production capacity generally takes at least a year.
Update
CXMT shares rose 530% on Monday.
CXMT's market capitalisation reached 3.65 trillion yuan, or $540 billion.
Bloomberg News reported that CXMT raised 66.6 billion yuan, or $9.8 billion, in its IPO.
Analysts said the IPO could support CXMT's longer-term capacity expansion but was unlikely to ease the current memory-chip shortage immediately.
Source note: AFP news report published on 27 July 2026 at 05:37:47 UTC.
Update
CXMT shares were up more than 500% by mid-morning on Monday.
AFP reported the rise took CXMT's market capitalisation to 3.5 trillion yuan, or $520 billion.
Bloomberg News reported CXMT raised 66.6 billion yuan, or $9.8 billion, in the IPO.
The source says the IPO was China's biggest ever mainland tech share sale, above SMIC's 46.3 billion yuan in 2020.
Source note: AFP news report published on 27 July 2026 at 03:38:46 UTC.
Update
Bloomberg News reported that CXMT raised 66.6 billion yuan, or $9.8 billion, in its share sale.
The sale was described as China's biggest ever mainland tech share sale, ahead of SMIC's 46.3 billion yuan fundraising in 2020.
CXMT's market capitalisation rose as high as 3.3 trillion yuan, or $490 billion, during the debut.
AFP reported that Apple is reportedly testing CXMT's DRAM chips for use in its products.
CXMT is on the Pentagon's list of Chinese companies with alleged military ties, though that does not bar US companies from doing business with it.
CXMT was founded in 2016 and is described as the world's fourth-largest DRAM chipmaker, with nearly 8% market share.
Source note: AFP news report published on 27 July 2026 at 02:22:53 UTC.
Update
CXMT's market debut was in Shanghai on Monday.
CXMT briefly surpassed ICBC as mainland China's most valuable company.
Bloomberg News reported that CXMT raised 66.6 billion yuan, or $9.8 billion, in the share sale.
The report links the debut to China's push for homegrown hardware in the artificial intelligence race.
Source note: AFP news report published on 27 July 2026 at 01:57:51 UTC.
Uncertainty notes
The source attributes the IPO fundraising figure to Bloomberg News.
TrendForce analyst Ellie Wang said CXMT's IPO is unlikely to ease the current shortage immediately because capacity expansion typically takes around a year or longer.
Source
AFP news report published on .