- CXMT stock jumped 471% on debut, briefly making it China’s largest A-share by market value.
- The company raised RMB 57.9 billion in the IPO, the biggest STAR Market offering ever.
- NIO, Xiaomi, and Chery invested strategically as CXMT expands into automotive-grade DRAM supply.
CXMT Corporation, a Chinese DRAM manufacturer, officially listed on the Shanghai Stock Exchange’s STAR Market on July 27.
On its first trading day, the company’s shares surged sharply, opening at RMB 49.5 ($7.31) per share, up 471.59% from the IPO price of RMB 8.66 ($1.28) per share.
Its market capitalization briefly reached RMB 3.31 trillion, making it the largest listed company in China’s A-share market by market value.
The company raised approximately RMB 57.9 billion ($8.52 billion) in its initial offering, surpassing the RMB 53.2 billion record set by SMIC in 2020 and becoming the largest IPO in STAR Market history.
If the “greenshoe option” is fully exercised, CXMT’s total fundraising could rise further to RMB 66.6 billion ($9.80 billion).
As one of the few Chinese integrated device manufacturers (IDMs) with capabilities spanning DRAM design, manufacturing, packaging and testing, CXMT has long played a key role in China’s efforts to reduce reliance on foreign memory chip suppliers.
The company has already achieved mass production of high-end consumer memory and automotive-grade memory products, challenging the long-standing dominance of Samsung, Micron and SK hynix in the global memory market.
For its IPO, CXMT brought in 30 strategic investors, with total subscription commitments reaching RMB 14.437 billion ($2.12 billion), accounting for approximately 25% of the initial offering size.
Industrial investors including TCL, Alibaba Cloud, ZTE, Xiaomi (through Wuhan 1810 Enterprise Management Co., Ltd., a wholly owned subsidiary of Xiaomi), Chery and NIO participated in the strategic placement.
In the automotive sector, NIO, Xiaomi and Chery each subscribed RMB 158 million ($23.28 million) worth of CXMT shares.
Each company received approximately 18.24 million shares, subject to an 18-month lock-up period.
As intelligent driving and smart cockpit functions continue to expand, vehicles are requiring increasing amounts of computing and memory resources.
Automotive-grade memory chips have historically relied heavily on overseas suppliers, leaving automakers exposed to supply stability and pricing risks.
NIO is among the new energy vehicle manufacturers with the closest cooperation with CXMT.
Leveraging the industrial ecosystem in Hefei, the two companies have worked together on automotive memory supply, with CXMT’s LPDDR4X and LPDDR5X automotive-grade memory chips already entering NIO’s mass-production vehicle supply chain.
The ONVO L60 became the first mass-produced vehicle to adopt ChangXin’s LPDDR5X memory on a large scale, while models including the ES6, ES8, ET5 and ET7 have also gradually adopted the chips.
In addition, NIO’s self-developed intelligent driving chip, Shenji NX9031, is also compatible with LPDDR5X memory, creating strong synergy between the two companies in product interfaces and supply chain integration.
Market data shows CXMT has continued to expand its global presence in recent years.
According to Omdia, CXMT accounted for 7.67% of the global DRAM market in the fourth quarter of 2025, ranking fourth worldwide and first among Chinese companies.
In 2025, the company’s LPDDR product revenue reached RMB 40.704 billion ($6.01 billion), up 105.59% year over year, accounting for more than 60% of its total main business revenue.
At press time, CXMT was trading at RMB 54.65 (8.07) per share, up 531.06%, with a total market capitalization of RMB 3.66 trillion ($540.4 billion).
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