Key facts
- CXMT has become the most valuable company listed in China and Hong Kong, surpassing Tencent.
- CXMT's market capitalization reached $540.5 billion, placing it behind Intel.
- The company is China's largest producer of DRAM memory chips.
- CXMT raised approximately $8.6 billion in its July 27 IPO.
- CXMT's shares closed 466% above their IPO price on their debut.
China's CXMT has surged into the ranks of the world's most valuable chipmakers, less than three weeks after its blockbuster Shanghai debut. On Friday, CXMT's shares on Shanghai's tech-heavy Star market were 4% higher at midday, reaching a valuation of $540.5 billion according to LSEG data. This valuation places the memory-chip maker just behind Intel at $552.6 billion and ahead of Chinese tech giant Tencent at $505.8 billion. CXMT's climb has coincided with Intel's shares pulling back last month amid a broader chip sell-off and concerns over massive AI investments. Tencent has also lost ground, with its Hong Kong-listed shares falling about 26% this year amid concerns about rising AI spending and its potential impact on its software business. CXMT, formerly known as ChangXin Memory Technologies, is China's largest producer of DRAM memory chips and is headquartered in Anhui province. The company raised about $8.6 billion in its July 27 IPO, with its shares closing 466% above their IPO price on their first day, making CXMT the most valuable company listed in mainland China. Bernstein analysts noted that CXMT's IPO provides "much more cash to spend for capex." CXMT is already the world's fourth-largest DRAM producer, behind Samsung Electronics, SK Hynix, and Micron, and Nomura expects its share of global DRAM production to rise from about 10% to roughly 18% by the end of 2028.