China’s ChangXin Memory Technologies (CXMT) soared more than 500% in its Shanghai debut on Monday, becoming the country’s most valuable listed company by market capitalization.

Asia’s Biggest IPO Delivers Massive Debut Gain

CXMT raised 57.92 billion yuan ($8.55 billion) after pricing its IPO at 8.66 yuan ($1.28) per share, making it Asia’s biggest public offering so far this year.

The stock surged more than 531% to around 54.60 yuan ($8.06), valuing the Hefei-based chipmaker at about 3.68 trillion yuan ($543.41 billion). That market capitalization exceeds Intel Corp‘s (NASDAQ:INTC) roughly $464 billion valuation.

The surge made CXMT the most valuable company listed in China, surpassing Industrial and Commercial Bank of China, which previously held the top spot by market value.

The debut also outpaced the more than 100% first-day gain posted by China Resources New Energy following its $3.6 billion IPO earlier this month.

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Emerged as China’s DRAM Champion

Founded in 2016, CXMT manufactures dynamic random-access memory, or DRAM, chips used in products ranging from smartphones and personal computers to AI servers, positioning it at the center of China’s push for semiconductor self-sufficiency.

According to its IPO prospectus, CXMT held a 7.67% share of the global DRAM market based on fourth-quarter 2025 sales, trailing industry leaders SK hynix Inc (NASDAQ:SKHY), Micron Technology Inc (NASDAQ:MU) and Samsung Electronics.

Analysts at Morningstar expect CXMT’s global DRAM market share to increase to 10% in 2026, citing strong AI infrastructure investment and growing demand for Chinese-made memory chips.

The listing comes after reports earlier this month said that Apple Inc (NASDAQ:APPL) had begun testing CXMT’s DRAM chips for devices sold in China, a potential breakthrough for the domestic memory chipmaker.

Price Action: At the time of writing, CXMT was up 519.63% at 53.66 yuan ($7.92).

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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