China memory chipmaker CXMT debuts on Shanghai exchange with 470% stock jump

Chinese memory chipmaker CXMT (Changxin Technology Group) saw its stock price jump by roughly 470% during its trading debut on Shanghai's STAR Market on Monday. The company's initial public offering (IPO) raised 57.92 billion yuan, equivalent to approximately $8.6 billion.

CXMT, positioning itself as China's largest DRAM chip manufacturer, holds a notable share in the global market. Based on sales figures from the fourth quarter of 2025, the company accounted for 7.67% of the global DRAM market. DRAM chips are essential components used in various electronic devices, ranging from smartphones to servers.

The proceeds from the IPO are intended to be used primarily for expanding the mass production of memory wafers and for research and development initiatives. These efforts aim to enhance the company's technological capabilities and overall competitiveness.

The company reported a significant swing to profitability in the first quarter, achieving an operating profit of 35.43 billion yuan, a substantial increase from a loss of 2.83 billion yuan in the same period last year. This improvement was attributed to the sustained global demand for computing power and capacity allocation by major manufacturers.

CXMT has recently garnered attention following reports that Apple has begun testing the company's DRAM chips for devices sold within China. The global DRAM market is currently dominated by major players such as Samsung Electronics, SK Hynix, and Micron Technology.