Chinese memory chip maker CXMT made a remarkable stock market debut on Monday, July 27, 2026, after raising at least 57.9 billion yuan ($8.6 billion) in what is Asia's largest initial public offering so far this year. The IPO took place on the Shanghai STAR Market and set a record for the platform.

Following the share sale, CXMT's stock price surged between 465% and 471% according to different reports, propelling the company's market capitalization beyond that of U.S. chipmaker Intel. This milestone highlights the growing influence of Chinese state-backed DRAM suppliers in the global semiconductor industry, particularly amid the artificial intelligence boom.

The IPO reflects strong local government support for tech ventures in China and underscores the competitive dynamics between Chinese and U.S. semiconductor firms, including those in Silicon Valley.

Sources