CXMT's shares rose 472 percent on its first day of trading and was up 462 percent by early afternoon in Asia, becoming the most valuable firm on a mainland Chinese exchange, with a market cap of around 3.3 trillion yuan (roughly €415 billion).
Its market capitalization still trails that of South Korean and US memory chip manufacturers Samsung Electronics, SK Hynix, and Micron Technology.
CXMT is part of an increasing group of chip manufacturers that have greatly profited from the surge in artificial intelligence. The firm has thrived as China aims for increased self-reliance in high-tech innovations while facing limited access to state-of-the-art chip manufacturing tools due to US-led export restrictions.
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The firm garnered a minimum of $8.6 billion (around €7.3 billion) from the offering, which was set at 8.66 yuan (approximately €1.10) per share, during its debut on the Shanghai Stock Exchange's STAR Market, often referred to as the Science and Technology Innovation Board. It was the second-largest initial public offering in mainland China following Agricultural Bank of China's dual listing in Shanghai and Hong Kong in 2010, which generated $22.1 billion (around €18.8 billion).
Established in 2016 in the eastern city of Hefei, CXMT ranks among the largest global producers of DRAM, or "dynamic random access" memory chips, a type of semiconductor utilized in a wide range of devices including AI servers, automobiles, and consumer electronics such as smartphones and PCs.
“CXMT plays a critical role in China’s AI push, particularly in the face of US export controls,” Kyle Chan, a fellow at the Brookings Institution and an expert in China’s technology policies, said. US restrictions have also barred China from importing powerful HBM, or high-bandwidth memory chips – a type of DRAM chip.
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The firm's earnings soared to 50.8 billion yuan (around €6.4 billion) in the initial quarter of 2026, marking an increase of over 700 percent compared to the previous year, as heightened demand spurred by the swift uptake of artificial intelligence propelled expansion.
The increasing demand for AI has resulted in a worldwide shortage of memory chips, causing prices to rise for certain computers and smartphones.
Chan stated that CXMT is considered China’s best opportunity to create its own advanced HBM chips for driving Chinese AI models. However, it also encounters numerous difficulties, such as supply chain limitations in increasing production capacity, as its access to the world's finest chip manufacturing tools is severely limited, compelling it to rely on Chinese equipment manufacturers.
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As per Counterpoint Research, a technology research company, CXMT emerged as the fourth largest DRAM memory chip manufacturer globally in 2025 by shipments, accounting for about eight percent of the worldwide market.
Samsung Electronics represented 36 percent, SK Hynix represented 29 percent, and Micron represented approximately 24 percent.
During the initial three months of this year, CXMT represented about nine percent of worldwide shipments. Counterpoint Research predicts that by 2028, its market share will be approximately 11 percent. However, the research company projected that CXMT will probably require a minimum of 15 percent global market share to remain competitive over the long haul.