Shares of Chinese memory chipmaker CXMT rose about 470% on their Shanghai trading debut Monday. The move lifted its market value to roughly 3.3 trillion yuan.
The Hefei-based company raised 57.92 billion yuan, or about $8.6 billion, in Asia’s largest initial public offering this year. Investors bid it up as memory prices climb amid demand for artificial intelligence.
CXMT Stock Surge Shows Investors Still Chasing AI Memory Trade
CXMT priced its shares at 8.66 yuan and opened at 49.50 yuan. Only 6.73% of its enlarged share capital trades freely at listing, Reuters reported.
Individual investors submitted 9.4 million orders worth 7.07 trillion yuan. That demand oversubscribed the retail tranche 212 times. The retail order book was roughly 10 times larger than SpaceX’s, which set the record for the largest IPO ever.
CXMT now ranks as the most valuable company listed in China. It displaced Industrial and Commercial Bank of China (ICBC), which previously held the top spot.
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CXMT Debuts Into Surging AI Infrastructure Demand,
The financials behind the pop trace to surging global memory demand. CXMT posted a first-quarter operating profit of 35.43 billion yuan, against a 2.83 billion yuan loss a year earlier.
The surge came as contract prices for conventional DRAM climbed roughly 93% to 98% quarter over quarter in the first quarter, TrendForce reported. Industry revenue rose 81% over the same period to $97 billion.
CXMT ranks as the world’s fourth-largest DRAM producer. The company held a 7.67% share of the global DRAM market in 2025, according to its prospectus. Samsung, SK Hynix, and Micron together controlled about 90% in the first quarter of 2026.
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