ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, raised RMB57.92 billion ($8.6 billion) in its Shanghai STAR Market IPO on July 27, in what became the largest mainland semiconductor offering on record. By the midday break, its shares had risen 531% from the IPO price, pushing its market value to RMB3.66 trillion and making it the most valuable company listed on China’s mainland exchanges, according to report.

Why it matters: CXMT’s debut is significant first because of its scale. The listing turned a memory-chip manufacturer into China’s largest A-share company by market capitalization, surpassing major banks, internet companies and chipmakers including Intel in market value.

  • The IPO was the largest listing on Shanghai’s STAR Market and the second-largest IPO on a mainland Chinese exchange after Agricultural Bank of China’s 2010 offering.
  • CXMT’s valuation reflects both strong investor demand for domestic semiconductor companies and expectations that AI infrastructure will keep driving memory demand.

Details: CXMT sold 6.688 billion shares at RMB8.66 each. The stock opened at RMB49.50 and reached RMB54.65 by the midday break.

  • The company plans to use RMB29.5 billion of the proceeds for production-line upgrades, DRAM technology upgrades and forward-looking DRAM research and development.
  • CXMT generated RMB50.8 billion in revenue in the first quarter of 2026, up more than 700% year on year, as demand for memory chips increased alongside AI server investment.

Context: CXMT’s core business is DRAM, the memory used in servers, PCs, smartphones, automobiles and other electronic products. Its rise comes during a global memory upcycle driven by AI data centers, which require both conventional DRAM and higher-bandwidth memory.

  • The IPO-funded projects focus on DRAM production and research rather than a standalone HBM project.
  • CXMT has been developing HBM-related capabilities, but commercial HBM production requires additional advances in stacking, packaging, testing and customer validation.
  • The listing gives CXMT more capital to expand its domestic memory business, while its future valuation will depend on whether it can turn that manufacturing scale into higher-value products.