CXMT Shares Jump 466%, Becomes China's Most Valuable Company


    By Dalal Street Investment Journal (DSIJ)

    Summary :


    China's memory chipmaker CXMT surged 466% on its Shanghai market debut after raising about $8.5 billion through Asia's biggest IPO of 2026. The rally briefly made it China's most valuable listed company and highlighted strong investor confidence in the country's growing semiconductor and AI ambitions.

    CXMT Becomes China's Most Valuable Company

    China's semiconductor ambitions received a major boost after memory chipmaker CXMT made a stunning listing on the Shanghai Stock Exchange. The company saw a strong rally on its first day of trading.

    CXMT Jumps 466% on Monday, July 27

    ChangXin Memory Technologies (CXMT), China's largest producer of DRAM memory chips, saw its shares surge 466% on their first day of trading on Shanghai's STAR Market. The stock was offered at 8.66 yuan per share and closed at 49 yuan after touching an intraday high of 55.03 yuan. Nearly 3 billion shares worth around $2.2 billion changed hands during the blockbuster debut.

    The company raised about $8.5 billion by offering a 7% stake through its initial public offering (IPO). The over-allotment option could increase the total proceeds to nearly $10 billion.

    The strong listing pushed CXMT's market capitalisation to around 3.3 trillion yuan ($487.3 billion), sharply up from about $85.5 billion during the IPO.

    During the trading session, CXMT briefly became China's most valuable listed company. It later retained its position as the largest company listed on mainland Chinese stock exchanges.

    Asia's Biggest IPO of 2026

    The company raised about $8.6 billion through its initial public offering. It sold around 6.7 billion shares, offering the largest IPO in Asia this year and one of China's biggest listings in more than a decade.

    CXMT Targets 500,000 Wafers Per Month by 2028

    The proceeds from the float will be used for a major expansion in production for the company, which hopes to increase its wafer capacity from around 350,000 per month at the end of this year to 500,000 by December 2028. 

    What Led to this Growth?

    The need for memory chips has grown tremendously in recent years due to the ever-growing investments in AI infrastructure. Investors believe this growing landscape would be beneficial for CXMT in the coming years.

    As a result, CXMT is now recognised as a major player in China's efforts to reduce its reliance on foreign chip producers. CXMT manufactures DRAM chips for smartphones, personal computers, automobiles, and even AI-powered servers.

    Nonetheless, with this high valuation, the company still faces giant competition. As of today, CXMT stands as the fourth largest producer of DRAM in the world, right after companies such as Samsung Electronics, SK Hynix and Micron Technology.

    Source: Dalal Street Investment Journal (DSIJ), CNBC, Business Times

    About the Author

    SEBI Registered Research Analyst (INH000006396).


    Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise. 

    Published Date : 28 Jul 2026

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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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