ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, raised RMB57.92 billion ($8.6 billion) in its Shanghai STAR Market IPO on July 27, in what became the largest mainland semiconductor offering on record. By the midday break, its shares had risen 531% from the IPO price, pushing its market value to RMB3.66 trillion and making it the most valuable company listed on China’s mainland exchanges, according to report.
Why it matters: CXMT’s debut is significant first because of its scale. The listing turned a memory-chip manufacturer into China’s largest A-share company by market capitalization, surpassing major banks, internet companies and chipmakers including Intel in market value.
The IPO was the largest listing on Shanghai’s STAR Market and the second-largest IPO on a mainland Chinese exchange after Agricultural Bank of China’s 2010 offering.
CXMT’s valuation reflects both strong investor demand for domestic semiconductor companies and expectations that AI infrastructure will keep driving memory demand.
Details: CXMT sold 6.688 billion shares at RMB8.66 each. The stock opened at RMB49.50 and reached RMB54.65 by the midday break.
