ChangXin Memory Technologies Raises $9.8 Billion in Record China IPO

ChangXin Memory Technologies (CXMT), the world's fourth-largest DRAM chipmaker, launched the largest mainland tech initial public offering in Chinese history on the Shanghai Stock Exchange's STAR market on July 27, 2026. The company raised 66.6 billion yuan ($9.8 billion), with shares soaring over 500 percent by midday. This surge briefly made CXMT mainland China's most valuable company, surpassing ICBC with a market capitalization between 3.3 trillion and 3.65 trillion yuan ($490 billion to $540 billion).

Growth is driven by a global memory chip shortage fueled by AI data center expansion, which pushed CXMT's first-quarter 2026 revenue to 50.8 billion yuan, a year-on-year increase of over 700%. Due to these shortages, Apple Inc. is reportedly testing CXMT's DRAM chips for its products as the company seeks market share against rivals Samsung Electronics, SK hynix, and Micron Technology.

Despite its commercial success, the company remains a focal point of geopolitical tension. The United States Department of Defense has designated CXMT as having links to the Chinese military. While the Government of China continues to push for semiconductor self-sufficiency, CXMT faces significant hurdles from U.S. export controls on advanced chipmaking tools and high-bandwidth memory chips. Some U.S. lawmakers are urging the Donald Trump administration to block American firms from purchasing CXMT chips on national security grounds.