CXMT Soars 466% in Shanghai Debut, Becomes China's Most Valuable Onshore Company

CXMT, the Hefei-based DRAM manufacturer formerly known as ChangXin Memory Technologies, closed its Shanghai debut on Monday up 466%, giving it a market capitalization of 3.28 trillion yuan, or about $485 billion. That makes it the most valuable company listed on China's onshore market, surpassing Industrial and Commercial Bank of China.

The IPO priced at 8.66 yuan per share. The stock opened at 49.50 yuan and touched 55.03 yuan during the session. CXMT raised 57.92 billion yuan, about $8.6 billion, which could rise to $9.8 billion if the overallotment is exercised. That makes it Asia's largest listing this year and the second largest in Chinese history behind Agricultural Bank of China's 2010 IPO.

Why DRAM and why now

CXMT makes DRAM, the working memory used in smartphones, PCs, and AI servers. The market has been squeezed by the AI buildout, with shortages reaching consumers. Roku raised prices by up to 60%, and Google confirmed the Pixel 11 will cost more as RAM costs surged sixfold. CXMT held 7.67% of the global DRAM market in 2025, trailing Samsung, SK Hynix, and Micron, which together control about 90% of supply. But its trajectory is steep: first-quarter operating profit hit 35.43 billion yuan, compared with a 2.83 billion yuan loss a year earlier. Apple has begun testing CXMT chips for devices sold in China.

• Only about 7% of CXMT's shares were tradable on day one, creating scarcity that amplified the price surge.
• The retail tranche was 212 times oversubscribed, with individuals submitting 9.4 million orders worth 7.07 trillion yuan, roughly ten times the order book of SpaceX's record listing.
• CXMT alone accounted for nearly 7% of all trading on China's onshore market, with turnover topping 140 billion yuan.
• Beijing's securities watchdog met with listed companies, brokers, and fund managers ahead of the listing, fearing it would drain money from other Chinese tech stocks.

Analysts split on valuation as float constraints ease

Analysts are sharply divided. Nomura began coverage with a buy rating and a 116 yuan target, arguing CXMT can rally 1,239% from its IPO price as it wins market share. Nomura expects CXMT's global DRAM output share to climb from about 10% now to 18% by the end of 2028. Morningstar, by contrast, puts fair value at 14.90 yuan, less than a third of Monday's close. Analyst Jing Jie Yu noted that CXMT has no access to extreme ultraviolet lithography, making conventional DRAM advancement harder. Theodore Shou of Yiyi Capital told CNBC that today's margins "are not sustainable and have to normalize over a cycle." The market, he added, sits right at the peak of a supply-and-demand imbalance. CXMT's technology still trails the leaders, and its valuation reflects a thin float and national sentiment as much as its order book. The Shanghai Composite rose 1.2% on Monday, suggesting the broader market was not drained. CXMT now ranks behind only Hong Kong-traded Tencent among Chinese companies by market cap. Rivals Yangtze Memory and Baidu's chip unit are queued up behind it. The chips that make AI possible are now the most valuable thing either country can build.