Chinese memory chipmaker CXMT rose about 470% in its Shanghai trading debut on Monday, lifting the Hefei-based company’s market value to roughly 3.3 trillion yuan.

The company raised 57.92 billion yuan, or about $8.6 billion, in what was Asia’s largest initial public offering this year. The debut came as memory prices climbed amid demand linked to artificial intelligence infrastructure, where DRAM is a core component used in servers and data-center systems.

CXMT Shares Open Far Above IPO Price

CXMT priced its shares at 8.66 yuan and opened at 49.50 yuan. Only 6.73% of its enlarged share capital was freely tradable at listing, Reuters reported. A small free float can make early trading more sensitive to order imbalances because a limited portion of shares is available for public buying and selling.

Individual investors submitted 9.4 million orders worth 7.07 trillion yuan, oversubscribing 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.

Following the debut, CXMT ranked as the most valuable company listed in China, overtaking Industrial and Commercial Bank of China (ICBC), which had previously held the top position.

BREAKING: 🇨🇳 China's CXMT shares surged +472% in its trading debut. CXMT opened at ¥49.50 vs its IPO price of ¥8.66. The company raised ¥57.92 billion ($8.6B) in Asia's largest IPO of 2026. CXMT became the most valuable company listed in mainland China, overtaking ICBC.… pic.twitter.com/dc2Vij1XVz — Bull Theory (@BullTheoryio) July 27, 2026

BREAKING: 🇨🇳 China's CXMT shares surged +472% in its trading debut. CXMT opened at ¥49.50 vs its IPO price of ¥8.66. The company raised ¥57.92 billion ($8.6B) in Asia's largest IPO of 2026. CXMT became the most valuable company listed in mainland China, overtaking ICBC.… pic.twitter.com/dc2Vij1XVz

AI Infrastructure Demand Supports Memory Market

CXMT’s listing followed a sharp improvement in its financial performance, reflecting stronger global demand for memory chips. The company posted first-quarter operating profit of 35.43 billion yuan, compared with a 2.83 billion yuan loss a year earlier.

The turnaround came as contract prices for conventional DRAM rose roughly 93% to 98% quarter over quarter in the first quarter, TrendForce reported. Industry revenue increased 81% over the same period to $97 billion.

CXMT is the world’s fourth-largest DRAM producer. According to its prospectus, the company held a 7.67% share of the global DRAM market in 2025. Samsung, SK Hynix, and Micron together controlled about 90% of the market in the first quarter of 2026, underscoring how concentrated the industry remains even after CXMT’s rapid growth.