- CXMT raised as much as $9.8 billion on Shanghai's Star board, which only hosts firms that align with national strategies and demonstrate breakthrough technologies.
- Shares surged 466% to close at 49 yuan on their debut trading day.
- Market cap reached 3.28 trillion yuan (approximately US$484.6 billion), surpassing Intel's valuation of about US$464 billion.
CXMT Corp, China's leading DRAM chipmaker, debuted on Shanghai's Star board with a remarkable 466% surge in share price, closing at 49 yuan. The company raised $9.8 billion in its IPO, reflecting strong investor interest in firms aligned with national strategies and breakthrough technologies.12
With a market capitalization of 3.28 trillion yuan (approximately US$484.6 billion), CXMT now surpasses Intel, which is valued at about US$464 billion. Analysts at Nomura predict that CXMT's share of the global DRAM market could increase from 10% to 18% by 2028, driven by expanding production capacity.3
The company plans to ramp up its monthly capacity from 280,000 12-inch wafers in Hefei and Beijing by the end of 2025 to 550,000 by the end of 2028, with new production lines set to be established in Shanghai. This growth trajectory is expected to further enhance CXMT's competitive position in the global semiconductor market.
CXMT's debut has sparked significant investor momentum, indicating strong confidence in the company's future prospects and the broader semiconductor industry in China.
“CXMT's market cap reached 3.28 trillion yuan (US$484.6 billion), surpassing Intel's valuation of about US$464 billion. Nomura projects CXMT's global DRAM market share could rise from 10% to 18% by 2028, supported by increased production capacity in Hefei, Beijing, and Shanghai.”
South China Morning Post
