CXMT Becomes China's Most Valuable Company After Revenue Surge

CXMT Corp. has become the most valuable company in China by market capitalization, surpassing Tencent Holdings Ltd. The Hefei-based memory chipmaker reported first-half revenue of 150.3 billion yuan ($22.4 billion), a nearly 10-fold increase that already exceeds its total sales for 2025.

The company posted a profit of 77.6 billion yuan, reversing previous losses as demand for data center memory and AI hardware surged. This growth follows a Shanghai initial public offering that raised 66.6 billion yuan, marking the second-largest IPO in the city's history. Goldman Sachs Private Wealth Management calculated the company's valuation at approximately 10 times its estimated 2027 earnings.

CXMT is currently developing high-bandwidth memory to compete with global rivals Samsung Electronics Co. and Micron Technology Inc. Apple Inc. is reportedly in talks to purchase CXMT chips for devices sold within China. This potential partnership has prompted U.S. senators to urge Apple to avoid reliance on Chinese suppliers.