{"success":true,"data":{"id":"c7a93d76-2c7c-4a45-9404-eec2ed2008bd","title":"How memory chipmaker CXMT became the most valuable company in mainland China","summary":"US Edition Change Support Now × \"Clear search box\") Custom Search Sort by Relevance Date NewsNews SportsSports CultureCulture LifestyleLifestyle MoneyMoney TravelTravel PremiumPremium ClimateClimate More More Thank you for registering Please refresh the page or navigate to another page on the site t...","content":"US Edition Change\n\nSupport Now\n\n[×](javascript:void(0) \"Clear search box\")\n\nCustom Search\n\nSort by\n\nRelevance\n\nDate\n\n*   News[News](https://www.independent.co.uk/us)\n\n*   Sports[Sports](https://www.independent.co.uk/sport)\n\n*   Culture[Culture](https://www.independent.co.uk/arts-entertainment)\n\n*   Lifestyle[Lifestyle](https://www.independent.co.uk/life-style)\n\n*   Money[Money](https://www.independent.co.uk/us/money)\n\n*   Travel[Travel](https://www.independent.co.uk/us/travel)\n\n*   Premium[Premium](https://www.independent.co.uk/independentpremium)\n\n*   Climate[Climate](https://www.independent.co.uk/climate-change)\n\nMore\n\nMore\n\n### Thank you for registering\n\nPlease refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in\n\n# How memory chipmaker CXMT became the most valuable company in mainland China\n\n## CXMT becomes China's most valuable listed company after blockbuster Shanghai debut\n\n[Chan Ho-Him](https://www.independent.co.uk/author/chan-ho-him)Tuesday 28 July 2026 03:45 EDT\n\n*   Copy link  \n*   Bookmark  \n\n## Bookmark popover\n\nRemoved from bookmarks\n\nClose popover\n\nPowered By\n\n10 Sec\n\n55\n\n0\n\nChina: CXMT IPO.\n\nNext video in\n\nNext\n\nKEEP WATCHING\n\nChina: CXMT IPO.\n\n### Your support helps us to tell the story\n\nFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.\n\nAt such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.\n\nThe Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.\n\n**Your support makes all the difference.**\n\n[CXMT](https://www.independent.co.uk/news/nasdaq-composite-index-shares-shanghai-chinese-iran-b3021951.html), [China](https://www.independent.co.uk/topic/china)'s leading memory chip manufacturer, saw its [shares](https://www.independent.co.uk/topic/shares) skyrocket on Monday following its debut on the Shanghai stock exchange, marking mainland [China's](https://www.independent.co.uk/asia/china)most significant initial public offering in recent years.\n\nThe company's success is largely attributed to the burgeoning [artificial intelligence sector](https://www.independent.co.uk/news/business/artificial-intelligence-productivity-sme-data-privacy-competition-b3016666.html), a trend benefiting numerous chip producers.\n\nThis growth is further fuelled by [Beijing's](https://www.independent.co.uk/topic/beijing) strategic drive for technological independence in cutting-edge fields, particularly as it navigates restricted access to advanced chipmaking equipment imposed by US-led sanctions. By midday, its stock had surged by approximately 470 per cent.\n\nCXMT, or ChangXin Memory Technologies, 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’s Nasdaq-like STAR market, also known as the Science and Technology Innovation Board.\n\nopen image in gallery\n\nChina's leading memory chipmaker soared 470 percent in its market debut in Shanghai.(AFP/Getty)\n\nThe company's estimated market value is still much smaller than those of [South Korean](https://www.independent.co.uk/topic/south-korean) and [American](https://www.independent.co.uk/topic/american) memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology.\n\nUndo\n\nUndo\n\n[](https://quickbooks.intuit.com/r/product-update/quickbooks-improvements-2026)[The QuickBooks updates small businesses asked for. QuickBooks | [Sponsored](https://popup.taboola.com/en/?template=colorbox&utm_source=eslmedia-theindependent&utm_medium=referral&utm_content=alternating-thumbnails-stream-1x4:Mid%20Article%20Thumbnails%20II:)[Sponsored](https://popup.taboola.com/en/?template=colorbox&utm_source=eslmedia-theindependent&utm_medium=referral&utm_content=alternating-thumbnails-stream-1x4:Mid%20Article%20Thumbnails%20II:)](https://quickbooks.intuit.com/r/product-update/quickbooks-improvements-2026 \"The QuickBooks updates small businesses asked for.\")\n\nUndo\n\n[](https://clothishopis.online/MB/MB_tt_tbl_mob_US_man_sb.php)[Additional Cloud Storage for Files and Photos Total Drive | [Sponsored](https://popup.taboola.com/en/?template=colorbox&utm_source=eslmedia-theindependent&utm_medium=referral&utm_content=alternating-thumbnails-stream-1x4:Mid%20Article%20Thumbnails%20II:)[Sponsored](https://popup.taboola.com/en/?template=colorbox&utm_source=eslmedia-theindependent&utm_medium=referral&utm_content=alternating-thumbnails-stream-1x4:Mid%20Article%20Thumbnails%20II:)](https://clothishopis.online/MB/MB_tt_tbl_mob_US_man_sb.php \"Additional Cloud Storage for Files and Photos\")\n\nUndo\n\n## What is CXMT?\n\nCXMT is China's top maker of dynamic random-access memory (DRAM) chips, which provide short-term memory for smartphones, personal computers, servers, AI systems and other electronics.\n\nThe global DRAM market has long been dominated by Samsung Electronics, SK Hynix and Micron Technology. CXMT is the world's fourth-largest DRAM `maker and had a market share of about 7.7% in 2025, according to its IPO prospectus. The company's growth has accelerated during a global memory-chip upcycle that began ​last year, fuelled ⁠by AI-related demand, which has boosted prices and spending on advanced ‌memory products.\n\nIts first-quarter revenue jumped 719% from a year earlier to 50.8 billion yuan ($7.51 billion), according to its prospectus. In the first half of this year, revenue is expected to hit 110 billion to 120 billion yuan, nearly doubling its full-year 2025 tally of 61.8 billion yuan.\n\n## Why is CXMT important?\n\nMemory chips are essential to nearly all modern ‌computing systems. DRAM has become a critical component in AI servers because training and running AI models ‌require large amounts of high-speed memory.\n\nFor China, CXMT addresses a strategic vulnerability. Beijing has spent years trying to reduce its dependence on foreign chips and related technologies, a drive that has intensified as the U.S. and its allies have tightened export controls on advanced semiconductors and manufacturing equipment. CXMT's IPO is therefore also a test of whether China can build a competitive domestic producer in a sector that is still controlled by foreign firms.\n\nMemory chips are essential to nearly all modern ‌computing systems.(Reuters)\n\nCXMT's $539 billion market value after its debut put it at just over half the valuation of Micron, despite its far smaller share of the global DRAM market.\n\n## Who is behind CXMT?\n\nCXMT's shareholder base reflects China's state-backed semiconductor financing system.\n\nIts prospectus says state-owned shareholders held 36.29% before the IPO. These shareholders include Hefei and Anhui local-government-related investors, and China's flagship, state-backed semiconductor investment known as the \"Big Fund\". A key figure behind CXMT is Zhu Yiming, founder of GigaDevice Semiconductor, a Chinese memory chip design firm known for NOR flash memory, which is used to store code in electronics.\n\nCompany filings describe him as central to the creation and development of CXMT. He brought memory-chip industry experience to the table and later became chairman of the company.\n\nAccording to Counterpoint Research, a technology research firm, CXMT was the world's fourth biggest DRAM memory chipmaker in 2025 by shipments, taking up roughly 6% of the global market. Samsung Electronics accounted for 36%, SK Hynix 29% and Micron about 24%.\n\nIn 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.\n\n“Trade restrictions on tools are remaining as the key challenge for CXMT,” 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](https://www.independent.co.uk/topic/donald-trump)’s administration to block American companies from buying CXMT’s memory chips over national and economic security concerns.","source_name":"The Independent","source_url":"https://www.independent.co.uk/tech/cxmt-china-shares-chipmaker-dram-b3022763.html","url":"https://www.independent.co.uk/tech/cxmt-china-shares-chipmaker-dram-b3022763.html","author":"Chan Ho-Him","author_name":"Chan Ho-Him","published_at":"2026-07-28T07:45:38.000Z","publication_date":"2026-07-28T07:45:38.000Z","image_url":"https://static.the-independent.com/2026/07/27/11/2287186358..","category":"tech","topic":"tech","tags":[],"political_bias":null,"bias_score":null,"confidence_score":null,"credibility_score":null,"factual_quality":null,"reading_time":6,"word_count":1026,"view_count":0,"breaking":false,"breaking_news":false,"ai_analysis":null,"fact_check_status":"unverified","archive_status":"hot","language":null}}