Shares of CXMT Corp, formally ChangXin Memory Technologies, surged nearly 470% at their Shanghai debut on Monday, July 27, 2026, following Asia's biggest IPO this year. The stock began trading at 49.50 yuan, sharply higher than its IPO sale price of 8.66 yuan per share.

This initial rally lifted CXMT's market capitalization to 3.3 trillion yuan (US$487.31 billion), a significant increase from the US$85.5 billion valuation during the IPO process. The debut made CXMT the most valuable company listed in China, overtaking the Industrial and Commercial Bank of China (ICBC), the previous market heavyweight.

CXMT raised 57.92 billion yuan (US$8.6 billion) from the IPO, with proceeds potentially rising to 66.61 billion yuan if an over-allotment option is fully exercised. At the IPO price, CXMT was valued at about 579 billion yuan (US$85.5 billion), positioning it as one of China's largest listed semiconductor companies.

Only 6.73% of CXMT's enlarged share capital was freely tradable at listing due to most shares being locked up, a factor that could magnify price swings and attract strong turnover.

HSBC Qianhai Securities noted in a recent analysis that the offering might drain liquidity from the wider Chinese market before and on its debut, although past technology listings suggested a rebound could follow the next trading day. The IPO's timing comes amid local market volatility following an AI-led selloff and shifting investor interest between high-growth tech stocks and safer sectors.

Sources