CXMT Soars 466% in Shanghai Debut to Become Most Valuable Listed Company in China
Shares of ChangXin Memory Technologies (SHA:688825) surged 466% on their Shanghai Stock Exchange debut Monday, propelling the DRAM chipmaker past Industrial and Commercial Bank of China (SHA:601398, HKG:1398) to become the most valuable company listed in the mainland.The stock opened at 49.50 yuan on the STAR Market, versus an IPO price of 8.66 yuan, lifting CXMT's market capitalization to 3.311 trillion yuan in the first minutes of trade, sharply up from the 579.2 billion yuan implied during the IPO process.At the closing price of 49 yuan, CXMT is now valued at 3.278 trillion yuan, topping ICBC's 2.63 trillion yuan market capitalization, according to FactSet data obtained by.CXMT is the world's fourth-largest DRAM maker next to Samsung Electronics (KRX:005930), SK hynix (KRX:000660) and Micron.Jefferies analysts expect CXMT's market share gain to accelerate as the global supply of memory "is unlikely to ease in the coming years."For the first half of 2026, CXMT expects to book 50 billion yuan to 57 billion yuan in attributable profit, versus a net loss of 2.33 billion yuan a year earlier.Revenue is projected to skyrocket 613% to 677% year over year, ranging between 110 billion yuan and 120 billion yuan.Following CXMT's blockbuster listing, Shanghai shares rose 1.2%, while the tech-heavy Shenzhen bourse jumped 2.7%.Reuters reported earlier, citing analysts at HSBC Qianhai Securities, that the IPO is likely to divert capital away from the broader market both ahead of and during its first trading session.Meanwhile, analysts at Morningstar said in a note on Friday that while AI is increasingly becoming a national security issue for China, CXMT looks set to benefit from the AI boom.
