China’s CXMT Soars 465% in IPO Debut, Surpassing Intel’s Market Capitalization

State-backed DRAM supplier rides AI boom to record IPO despite valuation concerns

Chipmaker CXMT’s held a record IPO on the Shanghai STAR Market with its landmark share sale on July 27. © Reuters

WATARU SUZUKI

July 27, 2026 10:43 AM JST

Updated on July 27, 2026 17:06 JST

In Shanghai, Chinese memory‑chip manufacturer CXMT surged on its market debut Monday, having raised at least 57.9 billion yuan (approximately $8.6 billion), marking the largest IPO in Asia this year.

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