Panoramic view of the CXMT office building seen on July 15, 2026 in Shanghai, China. CXMT raises billions for AI technology (Photo by Ying Tang/NurPhoto, Getty Images)
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Chip maker stock Choshin Technology Group The company rose about 470% on Monday in its debut on the tech-heavy STAR market in Shanghai, making CXMT the most valuable listed company in China.
The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia’s biggest offering so far this year.
CXMT shares soared to more than 49 yuan per share at the public offering price, giving the company a market capitalization of about 3.3 trillion yuan.
According to the IPO prospectus, CXMT captured a 7.67% share of the global DRAM market in 2025, based on Q4 2025 sales. DRAM chips are used in a variety of electronic devices, from smartphones to servers.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, micron technology.
“There is no question that the company will grow into a global leader,” Theodore Shaw, CEO of Yiyi Capital, told CNBC’s “Squawk Box Asia.”
The listing comes at a time when CXMT is receiving increased attention following reports earlier this month that Apple had begun testing the Chinese chipmaker’s DRAM for devices sold in China.
CXMT posted a profit of 35.43 billion yuan in operating profit in the first quarter, up from a loss of 2.83 billion yuan in the same period last year, on the back of global demand for computing power and continued increase in capacity allocation by major manufacturers.
“A 470% first-day performance is not that unusual. What’s so remarkable in this particular case is that a company of this size is performing so well,” Shou said. He said that in the past, these performances were mainly driven by small-cap companies, adding that for CXMT, relatively limited first-day float and pent-up market sentiment were the main factors driving the surge.
The company was founded by Chairman Zhu Yiming in 2016, and plans to use the proceeds from the IPO primarily for mass production of memory wafers and research and development projects in order to improve its technological capabilities and core competitiveness, according to a Google translation of the prospectus.
