Changxin Technology Group, better known as CXMT, surged on its first day of trading on Shanghai’s STAR Market, delivering one of the most dramatic market debuts in recent years and briefly becoming China’s most valuable listed company.

The Hefei-based memory chipmaker closed at 49 yuan per share, up approximately 465.82% from its initial public offering price of 8.66 yuan. The share performance was tracked by Google Finance.

At the closing price, CXMT’s market capitalization was approximately 3.3 trillion yuan. That valuation put the semiconductor manufacturer ahead of Industrial and Commercial Bank of China, which had a market value of around 2.6 trillion yuan.

CXMT raised 57.92 billion yuan, equivalent to approximately $8.6 billion, through the offering. The IPO was the largest completed in Asia so far this year. Its debut on the STAR Market, Shanghai’s board for science and technology companies, also underscored the role of domestic capital markets in funding large semiconductor projects.

CXMT produces dynamic random-access memory, or DRAM, chips used in smartphones, computers, data centers and artificial intelligence servers. DRAM is a core component for computing systems because it temporarily stores data that processors need to access quickly. The global DRAM market is dominated by Samsung Electronics, SK Hynix and Micron Technology.

According to figures included in CXMT’s IPO prospectus, the company held approximately 7.67% of the global DRAM market by sales during the fourth quarter of 2025. While CXMT still trails the industry’s largest manufacturers technologically, its listing drew attention because of its role in China’s broader semiconductor ambitions.

The company also attracted notice after reports that Apple had started testing CXMT’s DRAM chips for possible use in devices sold in China. Qualification by major electronics brands can be an important step for memory suppliers because DRAM must meet strict performance, reliability and volume requirements before it is used in mass-market devices. A major supply agreement with Apple or another global electronics manufacturer could strengthen the company’s credibility and support its expansion.

CXMT reported a sharp improvement in its first-quarter financial results. The chipmaker recorded an operating profit of 35.43 billion yuan, compared with an operating loss of 2.83 billion yuan in the same period a year earlier.

Morningstar said CXMT could become an important beneficiary of China’s efforts to build domestic artificial intelligence infrastructure and reduce reliance on foreign semiconductor suppliers. That shift could lead Chinese internet companies developing AI systems to source more locally manufactured memory chips as Beijing promotes semiconductor self-sufficiency.

CXMT was founded in 2016 by Chairman Zhu Yiming. The company plans to use the IPO proceeds to improve its technology, expand memory wafer production and fund research and development projects. Those plans make production scale, technology upgrades and customer adoption key areas to monitor after the listing.

Source: https://coinpaper.com/33482/cxmt-shares-surge-nearly-466-in-blockbuster-shanghai-ipo