CXMT Surpasses ICBC as China’s Most Valuable Listed Company Amid AI-Driven Memory Demand
Shares of Chinese memory chipmaker CXMT surged about 470% on their Shanghai trading debut, lifting its market value to approximately 3.3 trillion yuan and making it the most valuable company listed in China. The Hefei-based firm raised $8.6 billion through Asia's largest IPO this year, with retail demand oversubscribed by over 212 times. The stock rally reflects strong investor confidence driven by rising memory prices due to surging artificial intelligence infrastructure needs. CXMT’s first-quarter operating profit jumped from a loss of 2.83 billion yuan in the prior-year period to 35.43 billion yuan, as contract prices for DRAM increased sharply. CXMT now ranks fourth globally among DRAM producers with a 7.67% market share in 2025, trailing Samsung, SK Hynix, and Micron who collectively control about 90% of the global market.
Topics: AI IPO memory_chips stock_surge