Chinese memory chip manufacturer CXMT Corp made a historic debut on the Shanghai Stock Exchange on Monday, with its shares soaring more than 470 per cent, pushing the company’s market value above China’s largest state-owned banks.
CXMT shares opened at 49.50 yuan, representing a 472 per cent increase from the initial public offering (IPO) price of 8.66 yuan. The strong market response lifted the company’s market capitalisation to about 3.3 trillion yuan ($487.3 billion), surpassing Industrial and Commercial Bank of China, previously one of the country’s most valuable listed firms.
The landmark listing saw CXMT raise 57.92 billion yuan ($8.6 billion), making it the largest IPO in Asia in 2026. The company said the funds would be used to expand manufacturing capacity, increase research and development investment, and strengthen its working capital.
CXMT, China’s leading dynamic random-access memory (DRAM) chip producer, has become a major player in Beijing’s drive to achieve greater independence in semiconductor manufacturing. The company’s strong debut reflects growing investor confidence in China’s semiconductor sector as the country seeks to reduce reliance on foreign technology amid continued United States export restrictions on advanced chips.
The surge in demand for memory chips, particularly those used in artificial intelligence servers and data centres, has further strengthened CXMT’s market position. AI infrastructure expansion globally has created increased demand for high-performance memory components, benefiting manufacturers capable of supplying advanced chip solutions.
CXMT has also attracted international attention as companies seek to diversify their semiconductor supply chains amid global shortages. Recent reports indicated that Apple was seeking approval from the Trump administration to use CXMT-supplied memory chips in devices sold outside the United States as part of efforts to broaden its supplier base.
The company’s record-breaking market debut highlights the growing strategic importance of semiconductor technology in global competition and China’s ambition to build a more self-reliant chip industry.
