ChangXin Memory Technologies' IPO Valuation Tops $85 B, Making It China's Most Valuable Listed Firm

ChangXin Memory Technologies (CXMT) launched its shares on the Shanghai Stock Exchange's STAR Market on July 27, soaring more than 460% on the first trading day. The blockbuster IPO raised 57.9 billion yuan and propelled CXMT to a market capitalisation of about 3.3 trillion yuan (≈ $487 billion), briefly making it mainland China’s most valuable listed company.

CXMT, a leading Chinese producer of dynamic random‑access memory (DRAM) chips, holds roughly 8% of the global DRAM market, ranking fourth after Samsung, SK Hynix and Micron. The firm counts Alibaba Cloud, ByteDance, Tencent, Lenovo and other major Chinese tech firms among its customers. The IPO proceeds are earmarked for expanding manufacturing capacity, upgrading DRAM technology and funding R&D, despite U.S. export controls that have limited Chinese access to advanced chip‑making equipment.

The listing arrived as many global chip stocks slid, highlighting the growing significance of memory chips in the AI boom and underscoring China's push for greater semiconductor self‑sufficiency.