CXMT Surges 466-531% on Shanghai STAR Market Debut, Becomes China's Most Valuable Listed Company After $8.6B IPO

ChangXin Memory Technologies (CXMT) — China's largest DRAM maker and the world's fourth-largest — debuted on Shanghai's STAR Market on July 27 after pricing its IPO at 8.66 yuan/share and raising 57.92 billion yuan ($8.6 billion), the largest STAR Market listing on record and Asia's biggest IPO of 2026, CNBC and TechNode reported. Shares surged 466% intraday (531% at one point) to close near 49 yuan, giving CXMT a market cap of roughly 3.3 trillion yuan (~$460B) — surpassing Industrial and Commercial Bank of China to become China's most valuable listed company outright. Institutional demand ahead of listing ran at approximately 570x available supply; retail oversubscription hit 212x. CXMT's Q1 2026 revenue reached 50.8 billion yuan (+719% YoY), driven by AI server and data-center DRAM demand; the company signed multi-year supply deals with Tencent ($3B, June) and ByteDance ($7B over five years, July) ahead of listing. The IPO prospectus indicates proceeds are earmarked for DRAM production capacity rather than HBM (high-bandwidth memory) development, per Tom's Hardware — leaving China's HBM gap with Samsung/SK Hynix largely unaddressed even as DRAM commodity capacity approaches parity. The debut triggered immediate US scrutiny: Micron flagged competitive concern and Capitol Hill lawmakers opened a bipartisan probe into CXMT's rapid valuation surge within days.