Shares of CXMT, China’s largest memory chipmaker, soared on Monday, July 27th, 2026, as they began trading on the Shanghai Stock Exchange’s STAR market, marking mainland China’s biggest initial public offering in recent years.

The company, also known as ChangXin Memory Technologies, raised at least $8.6 billion with its IPO priced at 8.66 yuan ($1.3) per share. This offering ranks as mainland China’s second largest IPO after the $22.1 billion Agricultural Bank of China share offering in 2010.

CXMT has become the most valuable company listed on a mainland Chinese exchange, with an estimated market capitalization of about 3.3 trillion yuan (over $487 billion). Despite this, it remains smaller than leading South Korean and American memory chipmakers such as Samsung Electronics, SK Hynix, and Micron Technology.

Founded in 2016 in Hefei, CXMT is one of the world’s largest producers of DRAM (dynamic random access memory) chips, essential components used in AI servers, automobiles, smartphones, and personal computers. According to Counterpoint Research, CXMT was the world’s fourth largest DRAM chipmaker by shipments in 2025, holding roughly 8% of the global market.

The company’s growth aligns with China’s push for greater self-sufficiency in advanced technologies amid American-led restrictions limiting access to cutting-edge chipmaking equipment. Kyle Chan, a Brookings Institution fellow and expert on China’s technology policies, noted, “CXMT plays a critical role in China’s AI push, particularly in the face of U.S. export controls.”