27 Jul 2026
CXMT opened at ¥49.50 vs its IPO price of ¥8.66.
The company raised ¥57.92 billion ($8.6B) in Asia's largest IPO of 2026.
CXMT's market value surged to about ¥3.3 trillion ($487B), up from $85.5 billion at its IPO valuation.
CXMT is now larger than Intel $INTC and is reportedly now the largest Chinese public company, overtaking ICBC.
Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology.
The listing comes at a time when CXMT has seen increased attention, following reports earlier this month that Apple has begun testing the Chinese chipmaker’s DRAM for devices sold in China.
CXMT swung to an operating profit of 35.43 billion yuan in the first quarter from a loss of 2.83 billion yuan a year earlier, as it saw continued growth in global computing power demand and capacity allocation by major manufacturers.
Morningstar said in a note Friday that as AI is increasingly becoming an issue of national security for China, CXMT will likely be a key beneficiary. The research firm added that while CXMT’s technology still lags global memory leaders, domestic internet giants spearheading AI development will likely drive robust adoption of its chips as Beijing pushes for semiconductor self-sufficiency.
CXMT, founded in 2016 by Chairman Zhu Yiming, plans to boost its technological capabilities and core competitiveness, primarily memory wafer mass production and R&D projects, by employing the IPO proceeds, according to a Google translation of the information in the prospectus.
Source: Bull Theory, Evan on X, CNBC
