CXMT surges 470% in Shanghai Stock Exchange debut, becomes China’s most valuable listed company

ChangXin Memory Technologies just had the kind of first day at work most companies can only dream about. The Chinese memory chipmaker’s shares exploded 470% on their Shanghai STAR Market debut, a move so violent it potentially catapulted CXMT into the position of China’s most valuable publicly traded company. On day one. The IPO itself was already historic before a single share changed hands on the open market. CXMT raised approximately $8.6 to $9.8 billion, with total gross proceeds reaching up to 66.6 billion yuan. That makes it Asia’s largest IPO of 2026 and the biggest semiconductor listing on a mainland Chinese exchange since SMIC went public back in 2020. The numbers behind the frenzy CXMT priced its shares at 8.66 yuan apiece around July 15. By the time the stock started trading on July 27, demand had already gone parabolic. Retail oversubscription exceeded 200 times, leaving investors with a winning allocation rate of roughly 0.47%. In English: for every 200 people who wanted shares, roughly one actually got them. Pre-listing valuations had pegged the company at around 580 billion yuan, or approximately $85 billion. After the 470% first-day surge, those numbers look almost ...