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ChangXin Memory Technologies shares closed 465.82% higher on Monday, July 27, during their first STAR Market session. The stock finished at 49 yuan after CXMT priced the IPO at 8.66 yuan per share.
The closing price valued CXMT at above 3.2 trillion yuan, or about $487 billion. It overtook Industrial and Commercial Bank of China as the largest company on China’s mainland A-share market.
CXMT raised 57.92 billion yuan, or about $8.6 billion, before any extra allotment. The deal became Asia’s largest IPO of 2026 and the largest listing on Shanghai’s STAR Market. Full-day turnover topped 140 billion yuan as investors traded the newly listed shares.
The listing also ranks as the second-largest IPO in mainland China after Agricultural Bank of China’s 2010 offering. Investors could trade about 6.73% of CXMT’s shares on the first day. The restricted supply focused demand on a small free float.
Theodore Shou, Chief Executive of Yiyi Capital, said market sentiment also supported the opening rally. Shou said he had ‘no doubt’ CXMT could become a global leader. However, he questioned whether current margins and market sentiment could last.
He said memory chip companies can build sustainable businesses, but strong profitability often normalizes during an industry cycle. Large first-day gains also occur more often among smaller companies than businesses entering the market at CXMT’s scale.
CXMT produces dynamic random-access memory, or DRAM, for smartphones, computers, servers and other electronic devices. Samsung Electronics, SK Hynix and Micron Technology lead the global market. CXMT ranks fourth among DRAM producers.
The company held 7.67% of the global DRAM market in 2025 based on fourth-quarter sales, its prospectus showed. Other measures place its 2025 share near 9% when calculated by chip volume. These methods use different data but place CXMT behind the three established suppliers.
CXMT plans to direct most IPO funds toward memory wafer production, equipment upgrades and research projects. The company wants to increase output and develop more advanced memory products. Morningstar said restricted access to leading manufacturing equipment still limits the pace of its technology development.
CXMT reported first-quarter revenue of 50.8 billion yuan, up 719% from a year earlier. Net profit reached 33.01 billion yuan after a 2.83 billion yuan loss in the same period. Higher DRAM prices, larger sales volumes and a better product mix supported the change.
Demand from artificial intelligence systems and data centers has tightened the global memory market. China also continues to promote locally produced chips for major technology projects. Earlier reports said Apple had started testing CXMT memory for devices sold in China.
Morningstar expects domestic internet companies to increase their use of CXMT chips as China expands its AI infrastructure. Still, the research firm sees a technology gap with global memory leaders. It also expects new industry capacity from late 2027 to ease supply pressure.
Shou said the market may be near a ‘short-term peak’ in memory-cycle sentiment. He added that investors had already started selling into the IPO. His comments focused on the risk that current demand and supply conditions could change.
CXMT expects first-half revenue between 110 billion yuan and 120 billion yuan. It forecasts parent-company net profit between 50 billion yuan and 57 billion yuan. The company links the forecast to higher prices, increasing sales and continued memory demand.
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