Shares of China’s leading memory chip manufacturer surged over 470% on their debut on the Shanghai Stock Exchange’s tech‑focused Star Market.
The rally lifted ChangXin Memory Technologies (CXMT)’s market cap to roughly 3.3 trillion yuan (≈$487 billion; £365 billion), establishing it as mainland China’s most valuable listed company.
The strong debut unfolded amid a broader global tech‑stock sell‑off this month.
CXMT produces DRAM chips used in AI data centers, smartphones, PCs, tablets and other devices.
Founded in 2016 by Chairman Zhu Yiming, the company is based in Hefei, Anhui Province, eastern China.
The firm plans to allocate most of its IPO proceeds to expand memory‑chip production and increase R&D efforts.
The IPO’s impressive showing provides relief for Chinese regulators, who have been implementing policies to stem a market slump that erased over $1.5 trillion in recent weeks.
Analysts attributed the surge to demand vastly exceeding the limited supply.
“Only 7% of the shares are tradable,” said Anna Macdonald, investment strategy director at Hargreaves Lansdown, on the BBC’s Today programme, explaining the sharp rise.
The listing also underscores strong domestic investor interest in a homegrown chipmaker, aligning with Beijing’s push for tech self‑reliance.
Samsung Electronics, SK Hynix and Micron dominate the DRAM market, together accounting for roughly 90% of global output.
SK Hynix raised $26.5 billion (£19.8 billion) in its New York listing earlier this month, the largest foreign IPO ever in the US.
As a key supplier to AI chip leader Nvidia, SK Hynix sold 177.9 million American depositary shares at $149 each.
The shares jumped as much as 17% on their first Nasdaq day but have since trimmed some of those gains.
SK Hynix’s market value topped $1 trillion in South Korea in May, propelled by surging AI‑chip demand.
