CXMT shares surged on their first trading day on Shanghai’s STAR Market. Changxin Technology Group closed at 49 yuan, up 465.82% from its 8.66 yuan IPO price, and briefly became China’s most valuable listed company.
The market cap of CXMT stood at around 3.3 trillion yuan at the closing price. This amount exceeded the roughly 2.6 trillion yuan market cap of the Industrial and Commercial Bank of China. Hence, the shares of CXMT closed above that of the banking group.
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How CXMT Shares Raised $8.6B for DRAM Expansion
Changxin Technology Group, commonly known as CXMT, is based in Hefei. The company has raised 57.92 billion yuan, which translates to almost $8.6 billion, from the IPO.
The sale of CXMT shares became Asia’s largest completed IPO of the year. Additionally, the funds collected were enough to finance the firm’s announced investment plans.
CXMT produces dynamic random-access memory semiconductors. This means that CXMT is famous for its production of DRAM chips that are found in smartphones, computers, data centers, and AI servers.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology. CXMT accounted for about 7.67% of the worldwide sales in the fourth quarter of 2025. The company disclosed that number in its IPO prospectus.
Apple Testing Strengthened Interest in CXMT
CXMT lags behind the three leading competitors in terms of technology. But the strong response on opening day of trading was the result of investors expectations for future growth of the company. It happened even considering the relatively low share of the company in global sales of DRAMs.
Reports also said that Apple had already tested the DRAM chips of CXMT for potential use in the devices sold in China.
The reports increased the attention to the shares of CXMT. A large supply agreement could improve the reputation of the company and facilitate further growth.
The shares of CXMT went public after a significant increase in quarterly performance. The operating profit reached 35.43 billion yuan in the first quarter. In the same quarter, the previous year, the company lost 2.83 billion yuan of operating profit.
What CXMT Plans After Its IPO
According to Morningstar, CXMT could gain advantages from China’s policy aimed at building domestic artificial intelligence infrastructure.
Beijing is also trying to reduce dependence on foreign suppliers of semiconductors. The company said that Chinese internet companies may buy memory chips from local producers.
The founder of CXMT, Chairman Zhu Yiming, established CXMT in 2016. The company plans to invest IPO funds into the upgrade of its technology and memory wafer manufacturing. A part of the funds will be used for research and development activities.
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