Panoramic view of the CXMT office building seen on July 15, 2026 in Shanghai, China. CXMT raises billions for AI technology (Photo by Ying Tang/NurPhoto, Getty Images)
Null Photo | Null Photo | Getty Images
Chip maker stock Choshin Technology Group The company rose about 470% on Monday in its debut on the tech-heavy STAR market in Shanghai, making CXMT the most valuable listed company in China.
The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia’s biggest offering so far this year.
CXMT shares soared to more than 49 yuan per share at the public offering price, giving the company a market capitalization of about 3.3 trillion yuan.
According to the IPO prospectus, CXMT captured a 7.67% share of the global DRAM market in 2025, based on Q4 2025 sales. DRAM chips are used in a variety of electronic devices, from smartphones to servers.
The company, founded in 2016 by chairman Zhu Yiming, plans to use the proceeds from the IPO mainly for memory wafer mass production and research and development projects to strengthen its technological capabilities and core competitiveness, according to a Google translation of the prospectus information.
CXMT’s operating profit in the first quarter turned to a profit of 35.43 billion yuan from a loss of 2.83 billion yuan in the same period last year, on the back of global demand for computing power and continued increase in capacity allocation by major manufacturers.
The listing comes at a time when CXMT is receiving increased attention following reports earlier this month that Apple had begun testing the Chinese chipmaker’s DRAM for devices sold in China.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, micron technology.
