- China’s leading DRAM maker briefly overtook ICBC to become the country’s largest listed company by market value
- The record-setting debut highlights investor enthusiasm for China’s push to build a homegrown memory chip champion
Chinese DRAM maker CXMT (长鑫存储) made a dramatic debut on Shanghai’s STAR Market on July 27, with shares closing 465.82% above the IPO price and briefly pushing the company ahead of Industrial and Commercial Bank of China as the largest A-share company by market capitalization.
The stock opened at 49.5 yuan ($7.3) per share, up 471.6% from its issue price of 8.66 yuan, sending CXMT’s market value above 3.31 trillion yuan during early trading.
By the close, shares stood at 49 yuan, giving the company a market capitalization of about 3.28 trillion yuan. The closing price was only 1% below the opening level, with the stock trading at elevated levels throughout the session.
Highest single-day trading volume
Trading activity was exceptionally strong, with turnover reaching 141.1 billion yuan, the highest single-day trading volume ever recorded for an individual A-share stock. The turnover ratio reached 66.4%.
Headquartered in Hefei, Anhui province, CXMT is the only company in mainland China capable of mass-producing DRAM chips at scale through an integrated device manufacturer (IDM) model.
The company reported first-quarter revenue of 50.8 billion yuan, up 719% year on year, while net profit surged 1,688% to 24.76 billion yuan.
The strong market debut comes as China accelerates efforts to develop domestic semiconductor capabilities, with memory chips becoming increasingly strategic amid the global AI infrastructure boom.
