CXMT Shanghai IPO surges 470% in STAR Market debut

China’s CXMT Shanghai IPO delivered a sharp first-day gain on Monday, with shares in Changxin Technology Group rising about 470% in early trading on the STAR Market, CNBC reported. The Hefei-based memory-chip maker raised 57.92 billion yuan, or $8.6 billion, after pricing its initial public offering at 8.66 yuan a share, then opened at 49 yuan.

The listing gives public-market investors direct exposure to China’s largest DRAM maker at a time when memory supply, artificial intelligence infrastructure and domestic semiconductor capacity are drawing close attention. According to the company’s IPO prospectus, CXMT held 7.67% of the global DRAM market in 2025 based on fourth-quarter 2025 sales figures.

What is CXMT?

Changxin Technology Group, widely known as CXMT, is a Chinese memory-chip company founded in 2016 by chairman Zhu Yiming, according to its prospectus. Its main product area is DRAM, a class of memory chips used in electronic devices including smartphones and servers.

DRAM is central to computing systems because it provides working memory for devices and data infrastructure. In practical terms, demand for DRAM rises with the need to process and store active workloads across consumer electronics, cloud computing and server systems.

CXMT said in its prospectus, according to a Google translation cited by CNBC, that it intends to direct the IPO proceeds mainly toward mass production of memory wafers and research and development projects. The company said those projects are aimed at improving its technology capabilities and core competitiveness.

Why did CXMT shares jump in Shanghai?

The scale of the first-day move reflected strong investor demand for a domestic semiconductor listing on Shanghai’s technology-focused STAR Market. CNBC reported that the shares rose to 49 yuan at the open, compared with the 8.66 yuan IPO price.

The company’s financial position also shifted sharply in the most recent reported period. CXMT moved to an operating profit of 35.43 billion yuan in the first quarter from an operating loss of 2.83 billion yuan a year earlier, according to CNBC. The improvement came as the company cited continued growth in global computing-power demand and capacity allocation by major manufacturers.

The debut followed reports earlier this month that Apple had begun testing CXMT’s DRAM for devices sold in China. CNBC cited those reports in noting the increased attention around the Chinese chipmaker before its listing.

CXMT enters public markets in an industry led by established global suppliers. The worldwide DRAM market is dominated by Samsung Electronics, SK Hynix and Micron Technology, according to CNBC.

For policymakers and investors, the transaction also places China’s semiconductor ambitions back in focus. The IPO proceeds are earmarked for wafer production and R&D, according to the prospectus, areas that determine how quickly a memory producer can expand output and improve the performance of its products.

This story draws on original reporting from CNBC.