ChangXin Memory Technologies (CXMT) conducted its IPO on July 27, 2026 on Shanghai’s STAR Market, with the stock surging nearly 470% on its first trading day, reaching a market cap of approximately $540 billion and briefly becoming China’s largest listed company. Founded in 2016, the company is China’s leading DRAM memory manufacturer (fourth worldwide), and its IPO was oversubscribed over 200 times by retail investors. However, the stock remains inaccessible through classic brokers as it trades on A-shares, a market reserved for local investors and institutional foreign schemes. Direct exposure is only available through derivative products like the CXMT/USDC contract on the Hyperliquid platform, while a secondary listing in Hong Kong could eventually provide foreign retail access.
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