{"id":18992,"date":"2026-07-27T16:41:23","date_gmt":"2026-07-27T11:41:23","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=18992"},"modified":"2026-07-27T16:41:23","modified_gmt":"2026-07-27T11:41:23","slug":"china-memory-chipmaker-cxmts-shares-soar-in-a-blockbuster-listing-in-shanghai","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=18992","title":{"rendered":"China memory chipmaker CXMT\u2019s shares soar in a blockbuster listing in Shanghai"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div>\n<p>HONG KONG \u2014 Shares of CXMT, China\u2019s largest memory chipmaker, shot skyward Monday as they began trading in Shanghai in mainland China\u2019s biggest initial public stock offering in recent years.<\/p>\n<p>CXMT\u2019s shares surged 466% in their first day of trading. The company has become the most valuable one listed on a mainland Chinese exchange, with an estimated market capitalization of about 3.3 trillion yuan (more than $487 billion). But that\u2019s still smaller than those of South Korean and American memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology.<\/p>\n<p>CXMT, or ChangXin Memory Technologies, is among many chipmakers that have profited mightily from the boom in artificial intelligence. Its business is thriving as China pushes for greater self-sufficiency in leading-edge technologies while contending with limited access to advanced chipmaking machines due to American-led restrictions.<\/p>\n<p>The company raised at least $8.6 billion with the offering, priced at 8.66 yuan ($1.3) per share, in its listing on the Shanghai Stock Exchange\u2019s Nasdaq-like STAR market, also known as the Science and Technology Innovation Board.<\/p>\n<div class=\"main-photo article-story-photo\">\n<section class=\"block more-from-story\" style=\"padding-bottom: 10px; margin-bottom: 0; border-bottom: 1px solid #ccc;\">\n<div class=\"block-content\">\n<figure class=\"photo-zoom\">\n<div class=\"photo\"><a href=\"https:\/\/www.washingtontimes.com\/multimedia\/image\/ap_china_chipmaker_ipo_54939jpg\/\" alt=\"A worker at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, waits for visitors at the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\" title=\"A worker at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, waits for visitors at the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/twt-thumbs.washtimes.com\/media\/image\/2026\/07\/27\/China_Chipmaker_IPO_54939_c0-723-8640-5760_s885x516.jpg?e25fecbb0d8c93c537863c9b4529ad99bcd42414\" width=\"885\" height=\"516\" alt=\"A worker at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, waits for visitors at the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\"\/><i class=\"zoom\"\/><\/a><\/div><figcaption class=\"source\">\n                                      <span class=\"hide-on-mobile\"><br \/>\n                                        A worker at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, waits for visitors at the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)<br \/>\n                                      <\/span><br \/>\n                                      <span class=\"show-mobile-only-not-ad\"><br \/>\n                                        A worker at the booth for \u2026<br \/>\n                                      <\/span><br \/>\n                                      <a href=\"https:\/\/www.washingtontimes.com\/multimedia\/image\/ap_china_chipmaker_ipo_54939jpg\/\" target=\"_blank\">more &gt;<\/a><br \/>\n                                    <\/figcaption><\/figure>\n<\/p><\/div>\n<\/section><\/div>\n<p>It was mainland China\u2019s second largest IPO after the $22.1 billion share offering of Agricultural Bank of China in Shanghai and Hong Kong in 2010.<\/p>\n<p>Founded in 2016 in the eastern city of Hefei, CXMT is one of the world\u2019s largest makers of DRAM, or \u201cdynamic random access\u201d memory chips, a kind of semiconductor used in everything from AI servers to autos and consumer electronics like smartphones and personal computers.<\/p>\n<p>\u201cCXMT plays a critical role in China\u2019s AI push, particularly in the face of U.S. export controls,\u201d said Kyle Chan, a fellow at the Brookings Institution and an expert in China\u2019s technology policies. U.S. restrictions have also barred China from importing powerful HBM, or high-bandwidth memory chips \u2013 a high-performance type of DRAM.<\/p>\n<aside>\n<\/aside>\n<p>The company\u2019s revenue surged to 50.8 billion yuan ($7.5 billion) on jumping demand from the rapid rise of AI in the first three months of 2026, a more than 700% rise year-on-year.<\/p>\n<p>Soaring use of AI has led to a global memory chip shortage, driving up prices for some computers and smartphones. One big question, Chan said, is whether CXMT could help with the broader shortage.<\/p>\n<p>CXMT is seen as China\u2019s best shot at developing its own cutting-edge HBM chips to power Chinese AI models, Chan said. But it also faces many challenges, including supply chain bottlenecks in scaling up manufacturing capacity, since its access to the world\u2019s most best chipmaking tools is highly restricted, forcing it to depend on Chinese equipment makers.<\/p>\n<div class=\"main-photo article-story-photo\">\n<section class=\"block more-from-story\" style=\"padding-bottom: 10px; margin-bottom: 0; border-bottom: 1px solid #ccc;\">\n<div class=\"block-content\">\n<figure class=\"photo-zoom\">\n<div class=\"photo\"><a href=\"https:\/\/www.washingtontimes.com\/multimedia\/image\/ap_china_chipmaker_ipo_44988jpg\/\" alt=\"A man rests at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, during the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\" title=\"A man rests at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, during the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/twt-thumbs.washtimes.com\/media\/image\/2026\/07\/27\/China_Chipmaker_IPO_44988_c0-723-8640-5760_s885x516.jpg?e25fecbb0d8c93c537863c9b4529ad99bcd42414\" width=\"885\" height=\"516\" alt=\"A man rests at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, during the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)\"\/><i class=\"zoom\"\/><\/a><\/div><figcaption class=\"source\">\n                                      <span class=\"hide-on-mobile\"><br \/>\n                                        A man rests at the booth for Chinese DRAM producer ChangXin Memory Technologies, also known as CXMT, during the 21st China International Semiconductor Expo in Beijing, Nov. 20, 2024. (AP Photo\/Ng Han Guan, File)<br \/>\n                                      <\/span><br \/>\n                                      <span class=\"show-mobile-only-not-ad\"><br \/>\n                                        A man rests at the booth \u2026<br \/>\n                                      <\/span><br \/>\n                                      <a href=\"https:\/\/www.washingtontimes.com\/multimedia\/image\/ap_china_chipmaker_ipo_44988jpg\/\" target=\"_blank\">more &gt;<\/a><br \/>\n                                    <\/figcaption><\/figure>\n<\/p><\/div>\n<\/section><\/div>\n<p>According to Counterpoint Research, a technology research firm, CXMT was the world\u2019s fourth biggest DRAM memory chipmaker in 2025 by shipments, taking up roughly 8% of the global market. Samsung Electronics accounted for 36%, SK Hynix 29% and Micron about 24%.<\/p>\n<p>In the first three months of this year, CXMT accounted for approximately 9% of global shipments. By 2028, its market share is forecast by Counterpoint Research to reach about 11%. But the research firm estimated CXMT will likely need at least a 15% global market share to be competitive in the long term.<\/p>\n<p>\u201cTrade restrictions on tools are remaining as the key challenge for CXMT,\u201d said MS Hwang, a research director at Counterpoint who specializes in memory semiconductors. Some U.S. lawmakers have also recently called for President Donald Trump\u2019s administration to block American companies from buying CXMT\u2019s memory chips over national and economic security concerns.<\/p>\n<p>CXMT is one of many Chinese companies the Pentagon says have links to the Chinese military. Beijing has rejected such designations in most cases.<\/p>\n<p>CXMT\u2019s public share offering followed a $26.5 billion IPO by South Korea\u2019s SK Hynix on the Nasdaq earlier this month.<\/p>\n<p>___<\/p>\n<p>                        <a name=\"pagebreak\"\/><\/p>\n<p><em>AP journalist Didi Tang in Washington contributed to this report.<\/em><\/p>\n<div class=\"permission\" style=\"padding-top: 25px;\">\n<p>Copyright \u00a9 2026 The Washington Times, LLC.\n                        <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>HONG KONG \u2014 Shares of CXMT, China\u2019s largest memory chipmaker, shot skyward Monday as they began trading in Shanghai in mainland China\u2019s biggest initial public stock offering in recent years. CXMT\u2019s shares surged 466% in their first day of trading. The company has become the most valuable one listed on a mainland Chinese exchange, with&#8230;<\/p>\n","protected":false},"author":1,"featured_media":18993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/twt-thumbs.washtimes.com\/media\/image\/2026\/07\/27\/China_Chipmaker_IPO_21628_c0-351-8438-5273_s1200x700.jpg?1cb0a8828c2b384bc5872fa17c64de13d1f7a4ff","fifu_image_alt":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-18992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-hub"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/18992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18992"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/18992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/18993"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}