China memory chipmaker CXMT skyrockets 470% in blockbuster Shanghai debut
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- CXMT shares rose about 470% on their Shanghai STAR Market debut, making the Hefei-based company China's most valuable listed company.
- The IPO raised 57.92 billion yuan ($8.6 billion) at a price of 8.66 yuan per share, making it Asia's biggest IPO so far this year.
- Shares surged past 49 yuan on open, giving CXMT a market capitalization of roughly 3.3 trillion yuan.
- CXMT held a 7.67% share of the global DRAM market in 2025 (based on Q4 2025 sales), challenging the Samsung Electronics, SK Hynix, and Micron Technology oligopoly.
- The company swung to a 35.43 billion yuan operating profit in Q1 from a 2.83 billion yuan loss a year earlier, citing growth in global computing power demand.
- Apple has reportedly begun testing CXMT DRAM for devices sold in China, according to recent reports cited in the article.
- Founded in 2016 by Chairman Zhu Yiming, CXMT plans to use IPO proceeds for memory wafer mass production and R&D to boost technological capabilities.
Why it matters: CXMT's 7.67% global DRAM share and reported Apple testing of its chips signal that China now has a credible fourth player in a market long dominated by Samsung, SK Hynix, and Micron — Apple diversifying memory sourcing for China-sold devices gives CXMT a real commercial foothold, not just a domestic listing milestone.
