Chinese memory chipmaker CXMT File Photo: VCG

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) made a landmark debut on the Shanghai Stock Exchange's STAR Market on Monday, with its shares soaring on the first trading day and drawing broad market attention after setting multiple records in China's A-share market.

The IPO is reportedly the largest in Asia so far this year, the largest semiconductor IPO ever in China's A-share market, and the biggest listing in the history of the STAR Market, surpassing chipmaker SMIC's share sale in 2020. 

Chinese analysts said the overwhelming market response to CXMT's debut reflects investors' growing confidence in the potential of China's memory chip industry, as the country accelerates efforts to build technological strength and self-reliance.

Market confidence

CXMT opened at 49.50 yuan per share on Monday, more than 470 percent above its issue price, pushing its market capitalization above 3.3 trillion yuan at the open and making it the first A-share technology company to surpass the 3 trillion yuan valuation mark.

By the close of trading, shares of the Chinese memory chipmaker had surged 465.82 percent, lifting its market capitalization to 3.28 trillion yuan ($458 billion) and making it the most valuable company on China's A-share market.

The valuation briefly surpassed that of US chip giant Intel and was roughly twice that of Kweichow Moutai, China's iconic liquor producer and a long-standing heavyweight on the domestic stock market. CXMT also became the first A-share company to record daily turnover exceeding 100 billion yuan, according to media reports. 

Industry observers said the landmark listing is a sign that the country's semiconductor industry is entering a new phase of industrial expansion.

It also shows that despite external technology restrictions, China is accelerating efforts to improve capabilities in key semiconductor fields and enhance global competitiveness by leveraging independent innovation, a complete industrial system and its vast application market, they noted.

CXMT is China's largest DRAM (dynamic random-access memory) integrated device manufacturer, with capabilities spanning research, design and manufacturing. The company has developed a range of products, including DDR5 memory chips.

DRAM is a critical component for servers that power cloud computing, databases and AI workloads. As AI systems require massive amounts of data movement, storage and processing, memory chips have become a critical constraint and a key component of future AI infrastructure. 

The funds raised through the IPO will mainly go toward upgrading memory wafer manufacturing production lines, advancing DRAM technology and supporting research into next-generation memory technologies, the Global Times learned from CXMT on Monday.

The investment is expected to improve CXMT's advanced manufacturing capabilities and innovation capacity, while also supporting the broader semiconductor supply chain, including equipment, materials and components, the company said in a statement.

CXMT's eye-catching debut reflects strong capital market recognition of the growth potential of domestic memory chip companies and confidence in China's independent innovation capabilities, Hu Qimu, a professor at the Maritime Silk Road Institute of Huaqiao University, told the Global Times on Monday.

"As China continues to enhance its technological capabilities, domestic chips are expected to support a broader range of high-end manufacturing applications, which is why the market is willing to assign higher valuations to related companies based on their future potential," Hu said.

The market enthusiasm shows that China's memory chip industry has moved beyond a concept-driven story and is now backed by real production capacity and expectations for future profitability, Chen Jing, vice president of the Technology and Strategy Research Institute, told the Global Times.

"Capital markets once valued companies mainly on the narrative of 'domestic substitution,' but they are now pricing them based on factors such as production capacity, yield rates and market share," Chen said, adding that CXMT's listing marks the start of a broader capitalization phase for China's domestic memory industry.

The global memory chip market has long been dominated by Samsung Electronics, SK hynix and Micron Technology. But in recent years Chinese companies have been strengthening their domestic capabilities across memory chips, wafer manufacturing and semiconductor equipment.

According to Omdia data, CXMT held a 7.67 percent share of the global DRAM market by sales in the fourth quarter of 2025, ranking fourth worldwide and first among Chinese companies. Its products are widely used in servers, mobile devices and personal computers, making it an important player in the global memory chip industry.

By the end of 2025, the company had nearly 7,000 domestic and overseas patents, while research and development personnel accounted for more than 30 percent of its workforce, further strengthening its innovation capabilities and core competitiveness.

Rising role

International media have also highlighted CXMT's rising role in China's semiconductor sector. International media have also highlighted CXMT's rising role in China's semiconductor sector. Reuters said that the debut will spotlight China's push to ⁠turn public capital into technology champions as China seeks greater chip and AI self-sufficiency in the face of US-led export curbs.

The Wall Street Journal described CXMT as China's "national champion" in the fast-growing business for memory chips dominated until now by SK hynix, Samsung and Micron.

Amid intensifying global competition, CXMT is expected to accelerate efforts to narrow the gap with the world's three major memory chip makers in advanced processes and production capacity, supported by continued access to capital market financing, Chen said. 

He added that the IPO proceeds will be used to upgrade wafer production lines and advance DRAM technology development, helping expand capacity, improve yield rates, lower costs and support further market growth. "The company's development could potentially reshape a memory market long dominated by those players," Chen said.

According to the Financial Times, Apple has begun testing CXMT's DRAM chips for devices sold in China, while seeking approval from Washington for broader use of the Chinese supplier's products.

Developing independent and controllable domestic chips has become increasingly important for industrial development and supply chain resilience, Hu said. 

China's vast manufacturing system is undergoing digital and intelligent transformation, while artificial intelligence technologies are expected to see broad application across the real economy, creating significant growth opportunities for domestic semiconductor companies, the expert added.

CXMT's landmark debut also underscores a broader transformation underway in the nation's semiconductor ecosystem.

In the memory sector, Yangtze Memory Technologies Co (YMTC) has continued to advance its 3D NAND flash technology and product development, complementing CXMT's focus on DRAM and contributing to the expansion of China's domestic memory industry.

In wafer manufacturing, Semiconductor Manufacturing International Corporation (SMIC), one of the world's leading semiconductor foundries and a front runner in the Chinese mainland, has continued to expand its manufacturing capabilities. Its capital expenditure reportedly reached $8.1 billion in 2025 as the company expanded production.

This progress has taken place against the backdrop of intensifying US technology restrictions, including expanded export controls targeting China's semiconductor sector. Chinese experts believed that the continued advancement across multiple segments reflects the growing resilience and competitiveness of China's semiconductor industrial chain.

The trend is also reflected in recent industrial data. Official data showed that China's major industrial enterprises produced 279.8 billion integrated circuits in the first half of 2026, up 23.1 percent year-on-year. 

During the same period, profits in the integrated circuit manufacturing sector surged 2,579.5 percent, making it one of the strongest-performing areas within China's high-tech manufacturing sector, according to data released by National Bureau of Statistics on Monday.