CXMT’s blockbuster debut propels it to become China’s most valuable listed firm, signaling a major shift in the global memory‑chip landscape
Executive summary: Chinese memory chipmaker CXMT debuted on the STAR market, its shares surged roughly 470‑500% on the first day and its market valuation exceeded €450 billion, making it the highest‑valued listed company in China. The rally reflects strong investor belief in China’s push for semiconductor self‑sufficiency amid AI‑driven DRAM demand, potentially reshaping global memory supply chains and intensifying competition with established players such as Samsung and SK Hynix.
Who is involved: CXMT (founded 2016, backed by Chinese state funds), investors on the Shanghai STAR market, Chinese policymakers seeking to rival Taiwan and South Korea in DRAM, and global memory market participants.
Likely next: Expect continued price volatility as the stock stabilizes, possible follow‑on offerings or accelerated capex by CXMT to expand capacity, and heightened regulatory scrutiny over state‑backed valuations and market concentration.
On July 27 2026, Chinese DRAM maker CXMT listed on the Shanghai STAR market, with its share price jumping between 470% and 500% on the first day, giving the firm a market valuation above €450 billion. The move reflects Beijing’s long‑term strategy to reduce reliance on foreign memory suppliers and coincides with heightened AI‑driven demand for DRAM. While the surge underscores confidence in China’s semiconductor ambitions, it also raises questions about market sustainability and potential regulatory scrutiny over state‑backed valuations.
Timeline
- — Puces : l’action du fabricant chinois CXMT s'envole de 500% lors de sa première journée en Bourse (Le Figaro — Économie)
Key entities
Sources
- Puces : l’action du fabricant chinois CXMT s'envole de 500% lors de sa première journée en Bourse — Le Figaro — Économie
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