Shares of Changxin Memory Technologies soared roughly 470% on their first day of trading on the Shanghai Stock Exchange's STAR Market on Sunday, turning the Chinese memory chipmaker into the most valuable listed company in mainland China with a market capitalisation near 3.3 trillion yuan.
The initial public offering raised about $8.6 billion, priced at 8.66 yuan per share, marking the second-largest IPO in China's history after Agricultural Bank of China in 2010. The Hefei-based firm, founded in 2016 by Chairman Zhu Yiming, plans to channel proceeds into production expansion and research.
CXMT, the largest Chinese DRAM producer and fourth globally, posted first-quarter revenue of 50.8 billion yuan, a year-on-year increase exceeding 700%, swinging to an operating profit of 35.43 billion yuan. The company held roughly 7.67% of the global DRAM market in the final quarter of 2025, trailing Samsung, SK Hynix and Micron.