Changxin Memory Technologies Surges 4.6 Times on Debut

Chinese memory chipmaker Changxin Memory Technologies (CXMT), also known as Changxin Technology, made a spectacular debut on the Shanghai STAR Market on Monday, with its shares soaring more than 4.6 times and propelling the company to the top of the A-share market by market capitalisation.

The stock closed at RMB 49 per share, up 465.82% from its IPO price of RMB 8.66. This gave CXMT a market value of approximately RMB 3.27 trillion (about US$456 billion), overtaking Industrial and Commercial Bank of China to become the most valuable company listed on China’s mainland stock markets.

The listing also set multiple records. It was the largest IPO in the history of the STAR Market and the biggest semiconductor listing in the A-share market, raising around RMB 57.9 billion (potentially up to RMB 66.6 billion with the over-allotment option). Trading volume on the first day exceeded RMB 140 billion, another A-share record.

CXMT is China’s leading DRAM (dynamic random-access memory) manufacturer and ranks as the world’s fourth-largest by market share, behind Samsung, SK Hynix and Micron. The company is widely regarded as a key player in China’s push for semiconductor self-reliance, particularly in the context of surging demand for memory chips driven by artificial intelligence applications.

Retail investors who received IPO allocations also benefited handsomely. Each successful allotment of 500 shares generated a paper profit of more than RMB 20,000 based on the closing price.

Major shareholders, including Hefei state-owned capital and Alibaba, saw their holdings surge in value. Hefei state-backed entities, which played a pivotal role in incubating the company, reported floating gains of around RMB 1 trillion.

Analysts remain bullish. Nomura described CXMT’s DRAM business as a “crown jewel” of China’s technology sector and set a target price of RMB 116, implying further upside. The firm expects strong growth in sales and profits over the next few years, driven by capacity expansion and rising average selling prices amid a tight global memory market.

The blockbuster debut underscores strong investor confidence in China’s domestic semiconductor industry and the country’s broader efforts to build technological self-sufficiency.