Business & Markets
CXMT jumps more than 500% on debut to become mainland China’s most valuable company
Chinese memory chipmaker ChangXin Memory Technologies, or CXMT, surged more than 500% by mid-morning on its Monday market debut, lifting its market value to 3.5 trillion yuan, or $520 billion, and surpassing ICBC as mainland China’s most valuable company.
The jump updated an earlier rise of about 470% in CXMT’s Shanghai debut. CXMT is based in Anhui and is the world’s fourth-largest maker of DRAM memory chips, with nearly 8% market share.
Bloomberg News reported that CXMT raised 66.6 billion yuan, or $9.8 billion, in its initial public offering. AFP said that made it China’s biggest ever mainland tech share sale, ahead of the 46.3 billion yuan raised by Semiconductor Manufacturing International Corp in 2020.
Demand for memory chips has risen as companies build data centres for artificial intelligence. AFP reported that advanced memory chips are in strong demand for AI servers, while shortages of DRAM chips used in laptops, phones and other electronics have pushed up prices.
CXMT aims to compete with Samsung Electronics, SK hynix and Micron. AFP reported that Apple is testing CXMT’s DRAM chips for possible use in its products. CXMT is on the Pentagon’s list of Chinese companies with alleged military ties, though AFP reported that the listing does not prohibit US companies from doing business with them.
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 Apple's testing of CXMT chips to reports and does not state that Apple has confirmed it.
The Pentagon list describes alleged military ties; the source says the listing does not itself bar US firms from doing business with listed companies.
Source
AFP news report published on .