GoKawiilGeneral view of CXMT office buildings is seen in Shanghai, China, on July 15, 2026, as CXMT raises billions for AI technology (Photo by Ying Tang/NurPhoto via Getty Images)
Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers.
CXMT shares closed at 49 yuan, giving the company a market cap of about 3.3 trillion yuan, overtaking Industrial and Commercial Bank of China's 2.6 trillion yuan.
The Hefei-based firm had raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia's biggest so far this year.
Shares of chipmaker Changxin Technology Group soared nearly 466% Monday in their debut on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company.
The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology .
"I have no doubt the company is going to grow to be a global leader. It's maybe just a question of time that it can be not only a challenger, it can be a global champion in this particular sector," said Theodore Shou, CEO at Yiyi Capital on CNBC's "Squawk Box Asia."
The listing comes at a time when CXMT has seen increased attention, following reports earlier this month that Apple has begun testing the Chinese chipmaker's DRAM for devices sold in China.
CXMT swung to an operating profit of 35.43 billion yuan in the first quarter from a loss of 2.83 billion yuan a year earlier, as it saw continued growth in global computing power demand and capacity allocation by major manufacturers.
"A 470% performance on day one isn't that rare. What's very prominent in this particular case is a company of this size performing so well," Shou said. In the past, such performance was primarily driven by smaller-cap companies, he said, adding that for CXMT, the relatively limited free float on day one, combined with the built-up market sentiment, were key factors driving the surge.
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