ChangXin Memory Technologies (CXMT) showcases its latest memory chip technologies at the 22nd China International Semiconductor Expo (IC China). (Photo/CXMT)

Shanghai - Chinese memory chipmaker ChangXin Memory Technologies (CXMT) surged 465.82 percent on its Shanghai STAR Market debut Monday, closing at 49 yuan (about 7.22 U.S. dollars) per share.

With a market capitalization exceeding 3.2 trillion yuan at closing, it is now the most valuable listed company on the A-share market.

The stock hit an intraday high of 535.45-percent surge, and its full-day turnover of over 140 billion yuan made it the first A-share stock ever to exceed 100 billion yuan in single-day trading.

Founded in Hefei, capital of east China's Anhui Province, in 2016, CXMT is a large-scale manufacturer of dynamic random-access memory (DRAM) chips that power mobile phones, PCs, tablets, servers and other consumer products and applications.

A decade on, CXMT has become one of the world's largest DRAM producers in terms of market share, capturing 7.67 percent of the global market as of the fourth quarter of 2025, according to tech consultancy Omdia.

The company reported that it has amassed nearly 7,000 patents and invested more than 20.6 billion yuan in research and development over the past three years.

Hefei, where CXMT is headquartered, has built an integrated circuit industry cluster around CXMT, with more than 400 upstream and downstream companies now operating in the area, media reports showed.

CXMT is expected to generate operating revenue of 110 billion to 120 billion yuan in the first half of this year, with net profit attributable to shareholders of the parent company reaching 50 billion to 57 billion yuan, according to the company's prospectus.

As AI servers require about 10 times more DRAM capacity than traditional servers, and with global tech companies racing to build computing infrastructure, demand has surged, Economic Information Daily reported.

Gong Chao, a researcher at Tongji University's National Institute of Innovation and Development, said the current cycle differs from past booms. "This super-cycle is driven by two structural factors, the rigid demand from AI computing power and the push for supply chain self-sufficiency," he was quoted as saying by the paper.

The blockbuster debut caps a historic IPO run with expected total proceeds surpassing 66 billion yuan, making it the largest-ever IPO in China's sci-tech innovation board. The funds will be put toward technology upgrades, capacity expansion and next-generation memory research, the company said.

Its listing is part of a wider trend. Yangtze Memory Technologies Corp (YMTC), China's leading NAND flash chipmaker, filed for an IPO in May. Together, CXMT and YMTC form what industry watchers call the twin engines of China's memory chip sector, covering both DRAM and NAND technologies.

Industry observers said the listing, which marks a milestone in the country's push for semiconductor self-sufficiency, reflects more than the success of a single company.

Member of the China Marketing Association Fu Lichun said the debut demonstrates the capital market's growing capacity to serve the nation's strategy for science and technology. "As a leading memory chip player, CXMT's listing means the capital market is channeling more resources into core technologies and hard-tech sectors," Fu was quoted by Economic Information Daily as saying.

Tian Lihui, a finance professor at Nankai University, said the company's rise also signals a broader economic shift.

"CXMT's technology-driven entry into the global market confirms a new path, where technological breakthroughs are emerging as another engine of growth," Tian said.