Shares of the Chinese company CXMT surged 466% in their debut on Shanghai's STAR Market, making it the most valuable company in China. The Hefei-based firm raised 57.92 billion yuan ($8.6 billion) in its IPO, pricing shares at 8.66 yuan each. CXMT shares closed at 49 yuan, giving the company a market cap of about 3.3 trillion yuan, surpassing the Industrial and Commercial Bank of China’s 2.6 trillion yuan.
Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025. DRAM chips are used in electronic devices ranging from smartphones to servers.
"I have no doubt the company is going to grow to be a global leader," said Theodore Shou, CEO at Yiyi Capital on CNBC's "Squawk Box Asia."
CXMT plans to use the IPO proceeds mainly for mass-producing memory wafers and R&D projects.
