- CXMT raised 57.92 billion yuan ($8.6 billion) by selling shares at 8.66 yuan each, its listing documents showed.
- CXMT shares surged nearly 470% at their Shanghai debut on Monday, making it the most valuable company listed in China.
- At the IPO price, CXMT is valued at about 579 billion yuan ($85.5 billion), making it one of China's largest listed semiconductor companies.
- The stock began trading at 49.50 yuan compared to their sale price of 8.66 yuan per share.
- This IPO is the biggest mainland Chinese semiconductor offering on record, surpassing SMIC's $7.5 billion Shanghai share sale in 2020.
CXMT, formally ChangXin Memory Technologies, raised 57.92 billion yuan ($8.6 billion) by selling shares at 8.66 yuan each, marking the largest IPO in Asia for 2026. The stock debuted at 49.50 yuan, a staggering 470% increase from its offering price.1
This IPO is significant as it surpasses SMIC's $7.5 billion offering in 2020, making it the largest mainland Chinese semiconductor offering on record. With only 6.73% of its shares freely tradable at listing, most shares remain locked up, indicating strong investor confidence.
CXMT's valuation reached approximately 3.3 trillion yuan ($487.3 billion), positioning it as the most valuable listed company in China, overtaking the Industrial and Commercial Bank of China (ICBC). The company plans to utilize the IPO proceeds to enhance memory chip production and invest in research and development.
The strong performance of CXMT's IPO provides reassurance to Chinese financial officials amid a stock market slump that has seen over $1.5 trillion wiped out recently. The firm, founded in 2016 by Chairman Zhu Yiming, is headquartered in Hefei, Anhui Province.
CXMT's prospectus indicated that demand from AI has driven the latest DRAM upswing, although it cautioned that market conditions could weaken if AI investments slow or if competitors increase supply.
“CXMT's IPO raised $8.6 billion, surpassing SMIC's previous record of $7.5 billion in 2020, marking a significant milestone for China's semiconductor industry. The company plans to use the proceeds to enhance memory chip production and invest in research and development amid rising AI demand.”
BBC
