CXMT jumps 472% on debut, becomes China's most valuable stock

CXMT (ChangXin Memory Technologies) opened on Shanghai's STAR Market and closed up 472% from its 8.66-yuan IPO price, landing at a 3.31 trillion yuan (~$489 billion) market cap. That makes it the most valuable company listed on mainland China — ahead of Moutai, ahead of every bank. The offering itself raised 66.6 billion yuan, the biggest STAR Market IPO ever and Asia's largest of 2026, blowing past SMIC's 53.2 billion yuan record from 2020.

The fuel is AI memory. CXMT is the world's fourth-largest DRAM maker at roughly 7.67% global share as of Q4 2025, behind Samsung, SK Hynix and Micron. It has guided to first-half 2026 net profit of 50–57 billion yuan — a 22x year-on-year jump — as AI datacenter buildouts drain global DRAM supply. Proceeds go straight into next-gen DRAM capacity and HBM development, the high-bandwidth stack that sits next to every AI accelerator.

Not everyone is cheering. Regulators reportedly convened meetings over fears CXMT would siphon capital out of the rest of China's tech sector, and China's memory-concept stocks sold off into the listing. A 472% first-day pop prices in flawless execution in a market that has historically been brutally cyclical.

Why it matters: China just minted a domestic memory champion with the balance sheet to attack HBM — the one bottleneck Nvidia's supply chain can't route around.