CXMT Shares Surge 531% in Shanghai STAR Market IPO

ChangXin Memory Technologies (CXMT) saw its stock price skyrocket to 55 CNY during its market debut, surpassing Intel in market valuation.

ChangXin Memory Technologies (CXMT) launched its initial public offering on Shanghai’s STAR Market on Monday, July 27, 2026, with shares priced at 8.66 CNY. Trading saw an immediate 472 percent jump, eventually reaching a peak of 55 CNY, a 531 percent increase from the issue price. This surge brought CXMT’s market capitalization to 3.31 trillion CNY, approximately 490 billion US Dollars or 429 billion Euros, exceeding the market value of Intel. Currently the fourth largest company in its industry, CXMT plans to use the IPO proceeds to advance memory manufacturing and expand capacity. Despite its market success, CXMT memory remains more expensive than products from competitors Samsung or SK Hynix. Nomura has initiated coverage on the firm with a price target of 116 RMB, applying a price-to-earnings multiple of 20x.