CXMT’s 471% STAR Debut Makes It China’s Top Listed Firm, Reshaping Global Memory Dynamics

　　China’s leading DRAM maker, CXMT, officially debuted on the Shanghai Stock Exchange’s STAR Market on July 27. According to TechNews, the company’s share price surged as much as 471.6% on its first trading day. After pricing its IPO at RMB 8.66 per share, the stock climbed to an intraday high of RMB 49.50, lifting CXMT’s market capitalization to approximately RMB 3.3 trillion (US$487 billion) and making it China’s most valuable listed company.

　　CXMT’s market capitalization also surpassed that of U.S. chipmaker Intel, valued at US$464 billion, and networking equipment maker Cisco, valued at US$450 billion, Nikkei notes.

　　The IPO raised at least RMB 57.9 billion (US$8.6 billion), making it not only Asia’s largest IPO so far in 2026 but also the largest listing in the history of the STAR Market, surpassing SMIC’s RMB 53.2 billion offering in 2020. If the company exercises its over-allotment option to sell an additional 15% of shares, total proceeds could rise to as much as RMB 66.6 billion, TechNews adds.

　　As noted by TechNews, the global AI boom has fueled a sharp rise in memory prices, driving a dramatic turnaround in the company’s profitability. According to its IPO prospectus, CXMT expects first-half 2026 net profit to reach between RMB 50 billion and RMB 57 billion, compared with a net loss of RMB 2.3 billion a year earlier.

　　According to TrendForce, CXMT ranked fourth among DRAM suppliers by revenue in 1Q26 with a 7.6% market share. Samsung, SK hynix, and Micron remained dominant, collectively accounting for 89.7% of the global market.

　　Pricing Power and Product Strategy

　　CXMT has been capitalizing on the memory price upcycle. Reuters reports that CXMT signed a five-year supply agreement this month with ByteDance, TikTok’s parent company, worth more than US$7 billion.

　　The company’s strong financial performance has also been supported by advances in its technology and product strategy. According to TrendForce, CXMT’s gradual transition to its latest G4 process has significantly improved both product quality and production output over the previous generation.

　　TrendForce notes that while CXMT has secured some international customers, China remains its primary market. As China seeks to build a self-sufficient AI supply chain, the firm has become a strategically important player. TrendForce also highlights that, amid weak smartphone shipments, CXMT has reduced the share of mobile DRAM in its product mix, with server DRAM expected to become its largest product segment.