ChangXin Memory Technologies (CXMT) made its debut on the Shanghai STAR Market on July 27, 2026, with a surge of over 500% in a single session, the IPO price being set at 8.66 yuan per share and the stock closing around 52 yuan. The company raised 57.92 billion yuan, approximately 8.6 billion dollars, making it the biggest IPO in mainland China since 2010 and the largest in Asia for 2026. Its market cap now reaches 3.3 to 3.5 trillion yuan (approximately 489 billion dollars), making CXMT the best-valued listed company on the Chinese market. The DRAM memory chip manufacturer based in Hefei held only 7.67% of the global DRAM market at the end of 2025, but explosive demand for memory chips for AI data centers and US export restrictions have propelled its valuation. DeepSeek is also preparing its stock market debut with a targeted valuation of 50 billion dollars, confirming Beijing’s determination to build national champions in artificial intelligence.
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