ChangXin Memory Technologies shares surge nearly 466% to $592 billion
Business
ChangXin Memory Technologies (CXMT), a state-backed Chinese chipmaker, made headlines by briefly becoming one of the world's most valuable semiconductor companies.
On its first day of trading in Shanghai, CXMT's shares jumped nearly 466%, and its value later reached a massive $592 billion, enough to overtake China's big banks and energy giants that usually rule the market.
CXMT raises ¥57.92 billion in IPO
CXMT pulled off the largest A-share IPO of 2026, raising 57.92 billion yuan.
The company makes memory chips for smartphones, PCs, and AI, putting it in direct competition with global heavyweights like Samsung and Micron.
Investors are seeing this as a big win for China's push to build its own tech power, especially as US restrictions on Chinese tech keep getting tighter.