CXMT Skyrockets on Shanghai Debut, Market Cap Briefly Tops Intel
Driven by strong demand for AI memory chips, Chinese storage chipmaker CXMT saw its shares surge 466% to 472% on its Shanghai debut. The company raised up to RMB 66.6 billion (about $9.8 billion) in China's second-largest IPO ever, briefly pushing its market cap to roughly RMB 3.28 trillion, surpassing Intel's valuation and making it one of China's largest listed companies.
Confirmed
- Massive Debut: CXMT's stock skyrocketed between 466% and 472% on its first day of trading, with its market cap briefly reaching about RMB 3.28 trillion, exceeding Intel's market value.
- Fundraising Scale: The IPO raised up to RMB 66.6 billion (about $9.8 billion), making it the second-largest IPO in Chinese history.
- Subscription Restrictions: The stock offering was exclusively for the domestic market, preventing Western retail investors from participating.
Unconfirmed
- A post claimed that an investor named "Wenfeng" gained over RMB 800 million from the CXMT debut; this personal profit figure remains unverified internet speculation.
- Analyst Anni Sen noted on television that CXMT is not yet a direct peer competitor to Micron or SK Hynix, and its future industry standing remains to be seen.
Why it matters
CXMT's strong debut highlights the massive boost the AI boom has given to the storage chip industry, marking a historic valuation re-rating for Chinese domestic semiconductor companies in the capital markets. Against a geopolitical backdrop, the event also reflects that capital flows from major domestic tech listings are now highly concentrated among local investors.
2026-07-27 ~ 2026-07-28 · 6 related posts
Primary sources
- CXMT surges 472% on Shanghai debut after $9.8 billion IPO — firstadopter ·
- Chinese Memory Chip Giant CXMT Soars 466% in Market Debut — pstAsiatech ·
- CXMT jumps nearly 500% on debut, briefly topping Intel’s market value — Fun-Doctor6855 ·
- [source] CXMT surges 472% on Shanghai debut after $9.8 billion IPO — firstadopter · 2026-07-27
- Post claims Wenfeng made over RMB 800 million from CXMT’s IPO debut — zephyr_z9 · 2026-07-27
- CXMT reportedly jumps nearly 500% on market debut amid AI memory-chip demand — Polymarket · 2026-07-27
- [source] CXMT jumps nearly 500% on debut, briefly topping Intel’s market value — Fun-Doctor6855 · 2026-07-27
- [source] Chinese Memory Chip Giant CXMT Soars 466% in Market Debut — pstAsiatech · 2026-07-28
- Fox Business says CXMT jumped after a blockbuster IPO as AI memory demand rises — pdamodaran · 2026-07-28