Shares of Changxin Technology Group (CXMT) soared nearly 500% as trading of its first session in the stock market began Monday on the STAR Market in Shanghai, propelling the semiconductor manufacturer to the highest market valuation among domestically listed Chinese firms.
The sharp rally quickly brought CXMT’s market capitalization to CNY 3.3 trillion, a significant increase from the CNY 579 billion valuation during the initial public offering process.
The company’s stock opened at CNY 49.50 per share, well above the listing price of CNY 8.66 per share, reflecting robust demand. This initial offering raised CNY 57.92 billion, marking the largest IPO in Asia so far this year. The trading activity kept CXMT’s price high above CNY 51 per share as the session progressed.
At the time of listing, only 6.73% of Changxin’s expanded share capital was available for free trading, with the majority of shares subject to lock-up restrictions. This limited tradable float was seen as a factor that could contribute to heightened price swings and increased turnover on debut.
The strong market launch allowed CXMT to surpass Industrial and Commercial Bank of China, previously the most valuable firm on China’s stock exchanges. The listing provides insight into investor demand for leading domestic semiconductor companies during a period of volatility in local markets, which have seen shifts between growth-oriented technology stocks and more defensive sectors amid recent selloffs linked to artificial intelligence plays.
CXMT held a 7.67% share of the global DRAM market in the final quarter of 2025, according to figures from its IPO prospectus. While DRAM chips—widely used in consumer devices such as smartphones and in servers—are primarily supplied by Samsung Electronics, SK Hynix, and Micron Technology, Changxin’s growing presence has attracted market attention. Recent reports have indicated that Apple has begun testing the company’s DRAM products for use in its devices sold within China.
Changxin Technology Group was founded in 2016 under Chairman Zhu Yiming, the company aims to channel the proceeds from its listing into scaling memory wafer production and advancing research and development, as outlined in its prospectus, with the goal of enhancing its technological expertise and strengthening its industry position.
