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Morning Edition · Wednesday, July 29, 2026Published at 1:45 AM EDT · New York
China's CXMT Closes 466 Percent Above IPO Price, Becoming the Most Valuable Company Listed on the Mainland
The memory maker raised about 8.56 billion dollars in Asia's largest IPO of the year and briefly overtook Intel in market value, prompting a US congressional inquiry.
ChangXin Memory Technologies (CXMT), China's leading maker of dynamic random-access memory (DRAM), priced its Shanghai STAR Market listing at 8.66 yuan per share and opened at 49.50 yuan. It closed roughly 466 percent higher after reaching an intraday gain near 535 percent. The close valued the company at about 3.65 trillion yuan, or roughly 540 billion dollars, which made it the most valuable company listed on a mainland Chinese exchange, ahead of the Industrial and Commercial Bank of China and above Intel's market value.
The offering raised about 57.92 billion yuan (roughly 8.56 billion dollars), which Digitimes and Chinese state media describe as the largest semiconductor listing in the history of the STAR Market and Asia's largest IPO of 2026. CXMT is central to Beijing's effort to build domestic memory supply as Washington restricts Chinese access to advanced foreign chips and to the high-bandwidth memory used in AI accelerators.
The debut drew a political response abroad. US outlet TechTimes reported that the price surge unsettled Micron and prompted a congressional inquiry into how a sanctioned-adjacent Chinese memory maker attracted this scale of capital. The valuation is based on domestic demand and state-directed investment rather than proven parity with Micron, Samsung, or SK Hynix on leading-edge DRAM and high-bandwidth memory, a difference CXMT has not overcome on independent metrics.
Veracity: Corroborated
90/100- If true, who benefits
Beijing's chip self-sufficiency drive and CXMT's state backers gain a public-equity funding channel and domestic memory supply, while the framing also serves Micron and US China hawks pressing to extend export controls from chips to capital.
- The nuance
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