- The DRAM maker’s shares jumped more than 470% after the largest IPO in STAR Market history
- The blockbuster listing underscores China’s push to build a homegrown memory chip champion amid the global AI boom
Chinese memory chipmaker CXMT (长鑫存储) debuted on Shanghai’s STAR Market on July 27 under the stock code 688825, with its shares soaring 471.6% from their IPO price, briefly making the company the most valuable listed firm in China’s A-share market.
The company opened at 49.5 yuan ($7.3), up from its IPO price of 8.66 yuan per share, lifting its market capitalization to more than 3.31 trillion yuan at one point—overtaking Industrial and Commercial Bank of China.
The listing is the largest IPO in STAR Market history. If the over-allotment option is fully exercised, CXMT is expected to raise as much as 66.6 billion yuan, surpassing Semiconductor Manufacturing International Corp.’s record 53.2 billion yuan fundraising in 2020.
As of 10:40 a.m., CXMT shares traded at 48.2 yuan apiece, slightly down from the opening price, valuing the company at 3.23 trillion yuan.
Breaking the DRAM oligopoly
Founded in 2016 in Hefei, capital of eastern China’s Anhui province, CXMT is the Chinese mainland’s only integrated device manufacturer (IDM) producing DRAM chips at scale.
DRAM is an essential memory component used in servers, personal computers and mobile devices, and underpins cloud computing, databases and AI infrastructure.
When CXMT was established, the global DRAM market was dominated by Samsung Electronics, SK hynix and Micron Technology, which together controlled more than 90% of global supply.
The company adopted a leapfrog development strategy and launched its first self-designed 8Gb DDR4 chip in 2019, marking China’s first domestically developed mass-produced DRAM product.
According to Omdia, CXMT captured 7.67% of the global DRAM market by revenue in the fourth quarter of 2025, ranking fourth worldwide.
The company reported first-quarter revenue of 50.8 billion yuan, up 719% year on year, with net profit of 24.8 billion yuan, returning to profitability.
It expects first-half revenue of 110 billion to 120 billion yuan and net profit of 50 billion to 57 billion yuan.
Riding the AI memory boom
The AI infrastructure boom has been a major driver of CXMT’s rapid growth.
AI servers require roughly eight to ten times more DRAM than conventional servers, while Samsung and SK hynix have shifted production capacity toward high-bandwidth memory (HBM), tightening supply of conventional DRAM and pushing prices sharply higher.
Why it matters globally
CXMT’s listing marks the largest semiconductor IPO in A-share history and one of Asia’s biggest public offerings this year, highlighting China’s long-term commitment to building a self-sufficient semiconductor industry.
With nearly 8% of the global DRAM market, the company has emerged as the world’s fourth-largest supplier, challenging a market long dominated by Samsung, SK hynix and Micron.
The next key question is whether it can sustain its expansion as global memory makers bring new capacity online in 2027 and 2028, potentially shifting the industry from shortage to oversupply.
The longer-term test lies in HBM, the high-performance memory used in AI accelerators and currently controlled by the three global leaders.
Success in HBM would determine whether CXMT can evolve from a fast-growing challenger into a genuine heavyweight alongside the industry’s established giants.
