CXMT Debuts on Shanghai STAR Market in 57.919 Billion Yuan IPO

China’s DRAM chip leader CXMT (688825.SH) listed on the Shanghai Stock Exchange’s STAR Market on July 27 with an offering price of 8.66 yuan per share and gross proceeds of 57.919 billion yuan, setting a STAR Market IPO fundraising record, according to Jiemian News. The stock closed at 47.65 yuan in the report, up 450.23% from the issue price, giving CXMT a market value of 3.19 trillion yuan and making it the largest A-share company by market capitalization. Jiemian News also reported that demand around the listing spilled over into hotels near CXMT’s Hefei campus, with some properties near full occupancy and room rates rising sharply. A Hampton by Hilton near Hefei Xinqiao International Airport said it had been about 90% full recently, while nearby hotels were often sold out or had only a few rooms left. CXMT was founded in Hefei in 2016 and is the only company in mainland China that has achieved large-scale mass production of DRAM chips across the full IDM chain. Its prospectus showed net losses of 8.328 billion yuan in 2022, 16.34 billion yuan in 2023 and 7.145 billion yuan in 2024, before turning a profit of 1.875 billion yuan in 2025. In the first quarter of 2026, revenue was 50.8 billion yuan and net profit reached 24.762 billion yuan; for January-June 2026, the company forecast revenue of 110 billion yuan to 120 billion yuan and net profit of 50 billion yuan to 57 billion yuan.