How memory chipmaker CXMT became the most valuable company in mainland China

China’s memory chipmaker CXMT shares soar in its blockbuster share listing in Shanghai

CXMT raised $8.6B in Shanghai IPO (shares +470%), establishing China's DRAM leadership amid U.S. restrictions on HBM chips. At 9% global market share, CXMT must reach 15% for long-term viability, but restricted chipmaking tool access poses major scaling challenges.