Chinese memory chipmaker CXMT has surpassed Tencent Holdings by market capitalization, becoming the most valuable company listed on the Chinese mainland or in Hong Kong as of Thursday, August 13, 2026. CXMT, which went public in July 2026, quickly rose to prominence on the Shanghai and Shenzhen exchanges, benefiting from a memory chip shortage that has led major tech firms such as HP, Asus, and Acer to adopt its products.

Despite Tencent's Q2 2026 results beating estimates due to strong AI-enhanced advertising, investor sentiment has been affected by capital expenditure concerns in AI sectors, impacting big gaming and advertising groups. Meanwhile, CXMT's listing has boosted the STAR Market, often referred to as China's Nasdaq, elevating its status in the global technology market.

Additionally, the rise of CXMT coincides with a doubling of margin trading in Japan over six months, driven by high-priced AI stocks, reflecting broader regional interest in AI-related technology investments.

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