Investing.com– Shares of Chinese memory chipmaker CXMT Corp (688825.SS) soared more than 470% in their Shanghai stock market debut on Monday, propelling the company to become China’s most valuable listed firm.
The stock opened at 49.50 yuan, 472% above its IPO price of 8.66 yuan, giving the company a market capitalization of 3.3 trillion yuan ($487.3 billion), ahead of state-owned banking giant Industrial and Commercial Bank of China ().
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CXMT, China’s leading DRAM memory chipmaker, raised 57.92 billion yuan ($8.6 billion) in the listing, with proceeds earmarked to expand production capacity, fund research and development, and strengthen working capital. The offering was Asia’s largest IPO of 2026.
The blockbuster debut underscores strong investor appetite for semiconductor stocks as China accelerates efforts to achieve self-sufficiency in advanced chipmaking amid ongoing U.S. export restrictions and booming demand for artificial intelligence infrastructure.
The company has emerged as a key beneficiary of surging demand for memory chips used in AI servers and data centers.
Recent media reports showed that Apple () was seeking approval from the Trump administration to use memory chips supplied by CXMT in devices sold outside the U.S. as it looks to diversify its supply chain amid a global memory shortage.
