CXMT stock surges on Shanghai debut following record IPO
CXMT Corp., a Hefei-based semiconductor company, saw its shares surge by 466% during their first trading session in Shanghai after raising $8.6 billion through the largest mainland Chinese chipmaker offering to date. The stock closed at 49 yuan per share compared to an IPO price of 8.66 yuan, giving CXMT a market capitalization exceeding that of ICBC and making it China's most valuable onshore-listed company. The listing generated significant trading volume — approximately 141 billion yuan in one day — with only about 6.73% of shares available for immediate trade due to lock-up restrictions. Retail demand was exceptionally high, with the public tranche receiving over 9.4 million orders totaling 7.07 trillion yuan. CXMT is among the world's top four DRAM producers and reported a sharp turnaround in profitability during Q1 2026 after previously posting losses.
Topics: China stock market IPO semiconductors