CXMT shares jump in Shanghai debut

Chinese memory maker CXMT debuted on the Shanghai A-Class STAR stock market in one of China’s largest public offerings. Its shares rose from CNY 8.66 to CNY 49.00 under the ticker 688825.SS, a 465.82% gain on its first trading day.

Initial projections put CXMT’s market capitalization at CNY 579 billion, but the listing quickly lifted the company’s valuation well beyond earlier expectations. The surge was described as making CXMT the world’s 24th most valuable company by market capitalization, ahead of Tencent, Mastercard and Intel.

Investor demand is being driven by expectations for fast revenue growth, new production capacity and strong demand for DRAM. Analysts including SemiAnalysis expect major revenue gains in 2026, while CXMT reported approximately 700% growth in the first quarter of 2026 compared with the same period a year earlier, with operating margins around 70%.