# CXMT shares soar over 500% on Shanghai debut after Asia's biggest IPO — retained record

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source: [news](https://highsignal.app/data/news) (news:india-mint-markets)  published 2026-07-27 06:18 ingested 2026-07-27 09:38

[original source ↗](https://www.livemint.com/market/stock-market-news/cxmt-shares-soar-over-500-on-shanghai-debut-after-asias-biggest-ipo-11785132296879.html)

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Shares of CXMT Corp surged more than 500% on their trading debut on the Shanghai Stock Exchange on Monday, following Asia's biggest IPO of the year, propelling the chipmaker to the top of China's stock market by valuation despite the recent selloff in global technology stocks, Reuters reported.
The stock surged to 54.65 yuan during intraday trade, compared with its IPO price of 8.66 yuan per share. The sharp rally lifted CXMT's market capitalisation to around 3.65 trillion yuan ($539.21 billion), a significant jump from its estimated $85.5 billion valuation at the time of its IPO, the Reuters report said.
The strong market debut made CXMT the most valuable listed company in China, overtaking the Industrial and Commercial Bank of China (ICBC), which had previously held the top spot by market value.
Reuters noted that amid escalating US restrictions on advanced semiconductor technology, CXMT has emerged as a key pillar of China's strategy to strengthen its domestic chip industry and reduce reliance on foreign technology, particularly in critical areas such as artificial intelligence (AI).
The report added that CXMT's first-day gain far exceeded the more-than-100% listing rally recorded by China Resources New Energy following its $3.6 billion IPO earlier this month.
CXMT raised 66.6 billion yuan ($9.8 billion) through its IPO, making it the second-largest initial public offering in China's history. Formerly known as ChangXin Memory Technologies, the company offered 6.688 billion shares, excluding the overallotment option, at 8.66 yuan per share.
At its opening price of 49.50 yuan, CXMT commanded a market valuation of about 3.3 trillion yuan. The company has emerged as China's leading domestic memory chipmaker, capitalising on strong investor interest in the AI-driven semiconductor sector. As the world's fourth-largest producer of dynamic random-access memory (DRAM) chips, CXMT is seen as a key player in Beijing's efforts to reduce reliance on foreign suppliers, particularly in high-bandwidth memory (HBM), a critical component used in AI data centres.
The IPO is second only to Agricultural Bank of China's nearly $10 billion share sale in 2010 among mainland Chinese listings. The offering also featured a symbolic pricing structure, with figures such as 66.6 billion yuan, 6.688 billion shares, and 8.66 yuan per share—numbers traditionally regarded as auspicious in Chinese culture—highlighting the significance of the listing.
Based in Hefei, Anhui province, CXMT attracted overwhelming investor interest. The retail portion of the IPO was 212 times oversubscribed, with individual investors placing 9.4 million applications worth 7.07 trillion yuan, roughly 10 times the retail demand seen in SpaceX's record-breaking IPO.
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Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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