CXMT closed its July 27 Shanghai debut at 49 yuan with a market value of about $487.7 billion. The article compares that valuation with the three largest global DRAM makers.
CXMT Corp closed at 49 yuan on July 27, 2026, its first trading day on the Shanghai Stock Exchange's STAR Market. The closing price was 466% above the memory-chip maker's offer price of 8.66 yuan. The shares reached an intraday high of 55.03 yuan.
Reuters put CXMT's market capitalization at about 3.3 trillion yuan, or $487.73 billion, at the close. That made CXMT the largest company by market value listed on a mainland Chinese exchange.
The stock closed more than five times above the offer price
| First-day measure | Result |
|---|---|
| Offer price | 8.66 yuan |
| July 27 close | 49.00 yuan |
| Gain from offer price | 466% |
| Intraday high | 55.03 yuan |
| Closing market value | About 3.3 trillion yuan |
The market value used during the offering process was about $85.5 billion. After the first-day rise, Reuters calculated the closing value at nearly $488 billion.
Reuters, citing local media, reported that 141.1 billion yuan of CXMT shares changed hands during the session. It was the first time an A-share company recorded more than 100 billion yuan of turnover in a single day.
Market value compared with Samsung, Micron and SK hynix
CXMT's first-day market capitalization remained below those of the three established global memory-chip makers. Using the July 27 closes in South Korea and the latest completed U.S. regular session on July 24, Samsung Electronics was valued at about $1.15 trillion, Micron at about $1.04 trillion and SK hynix at about $877.3 billion.
| Company | Market and session used | Market capitalization | 2025 global DRAM shipment share |
|---|---|---|---|
| Samsung Electronics | Seoul, July 27 | About $1.15 trillion | 36% |
| Micron Technology | Nasdaq, July 24 | About $1.04 trillion | 24% |
| SK hynix | Seoul, July 27 | About $877.3 billion | 29% |
| CXMT | Shanghai, July 27 | About $487.7 billion | 8% |
CXMT's closing value was about 42% of Samsung Electronics' market capitalization, 47% of Micron's and 56% of SK hynix's. In Counterpoint Research's 2025 shipment estimates cited by AP, Samsung, SK hynix and Micron together accounted for 89% of global DRAM shipments, compared with 8% for CXMT.
Samsung Electronics also operates smartphone, appliance and other businesses. The table therefore compares the stock-market value of each entire company, not the standalone value of its memory business.
The offering raised at least $8.6 billion
CXMT's official listing notice set the offer price at 8.66 yuan and the first trading date at July 27. The shares trade under code 688825.
The Associated Press reported that the offering raised at least $8.6 billion. It was mainland China's second-largest initial public offering, behind Agricultural Bank of China's $22.1 billion Shanghai and Hong Kong offering in 2010.
CXMT's first-day close also lifted it above Industrial and Commercial Bank of China, which had been the largest company by market value on a mainland Chinese exchange.
CXMT is China's largest DRAM producer
Founded in 2016 and based in Hefei, CXMT makes dynamic random-access memory, or DRAM. These chips are used in AI servers, automobiles, smartphones and personal computers.
AP reported that CXMT generated 50.8 billion yuan of revenue in the first three months of 2026, an increase of more than 700% from a year earlier.
Counterpoint Research estimated that CXMT ranked fourth worldwide in DRAM shipments in 2025 with an approximately 8% share. Its share reached about 9% in the first quarter of 2026, according to figures cited by AP.
The company listed as China continues to expand domestic semiconductor production while U.S.-led restrictions limit access to some advanced chipmaking equipment and high-bandwidth memory products. CXMT completed its first Shanghai session at 49 yuan under the 688825 trading code.