China memory chipmaker CXMT’s shares soar in blockbuster listing

CXMT's shares surged 472% in their market debut and were trading up 462% by early afternoon in Asia, making it the most valuable company listed on a mainland Chinese exchange, with a market capitalisation of about 3.3 trillion yuan (approximately €415 billion). Even so, its market capitalisation remains below that of South Korean and US memory chipmakers Samsung Electronics, SK Hynix and Micron Technology. CXMT is among a growing number of chipmakers that have benefited enormously from the artificial intelligence boom. The company has also prospered as China pushes for greater self-sufficiency in advanced technologies while grappling with restricted access to cutting-edge chipmaking equipment under US-led export controls. The company raised at least $8.6 billion (approximately €7.3 billion) in the offering, which was priced at 8.66 yuan (about €1.10) a share, in its listing on the Shanghai Stock Exchange's Nasdaq-like STAR Market, also known as the Science and Technology Innovation Board. It was mainland China's second-largest initial public offering after Agricultural Bank of China's 2010 dual listing in Shanghai and Hong Kong, which raised $22.1 billion (approximately €18.8 billion). Founded in 2016 in the eastern city of Hefei, CXMT is one of the world’s largest makers of DRAM, or “dynamic random access” memory chips, a kind of semiconductor used in everything from AI servers to autos and consumer electronics like smartphones and personal computers. “CXMT plays a critical role in China’s AI push, particularly in the face of US export controls,” Kyle Chan, a fellow at the Brookings Institution and an expert in China’s technology policies, said. US restrictions have also barred China from importing powerful HBM, or high-bandwidth memory chips – a type of DRAM chip. The company's revenue surged to 50.8 billion yuan (approximately €6.4 billion) in the first three months of 2026, up more than 700% year on year as booming demand driven by the rapid adoption of artificial intelligence fuelled growth. Soaring use of AI has led to a global memory chip shortage, driving up prices for some computers and smartphones. One big question, Chan said, is whether CXMT could help with the broader shortage. CXMT is seen as China's best shot at developing its own cutting-edge HBM chips to power Chinese AI models, Chan said. But it also faces many challenges, including supply chain bottlenecks in scaling up manufacturing capacity, since its access to the world’s most best chipmaking tools is highly restricted, forcing it to depend on Chinese equipment makers. According to Counterpoint Research, a technology research firm, CXMT was the world's fourth biggest DRAM memory chipmaker in 2025 by shipments, taking up roughly 8% of the global market. Samsung Electronics accounted for 36%, SK Hynix 29% and Micron about 24%. In the first three months of this year CXMT accounted for approximately 9% of global shipments. By 2028, its market share is forecast by Counterpoint Research to reach about 11%. But the research firm estimated CXMT will likely need at least a 15% global market share to be competitive in the long term. “Trade restrictions on tools are remaining as the key challenge for CXMT,” MS Hwang, a research director at Counterpoint who specialises in memory semiconductors, said. Some US lawmakers have also recently called for President Donald Trump’s administration to block American companies from buying CXMT’s memory chips over national and economic security concerns. CXMT, among many other Chinese companies, has been designated by the Pentagon as having links to the Chinese military. Beijing has rejected such designations in most cases. CXMT's public share offering followed South Korean chipmaker SK Hynix's $26.5 billion (approximately €22.5 billion) Nasdaq listing earlier this month.