Media365
Chinese memory chipmaker ChangXin Memory Technologies (CXMT) briefly surpassed a market capitalisation of 4 trillion yuan (around $592 billion) on Friday, cementing its position as the most valuable company listed on China’s A-share market in a historic milestone for the country’s semiconductor industry.
Shares of the company climbed as much as 8.95 per cent during morning trade to around 60 yuan apiece, extending a spectacular rally that began with its Shanghai Stock Exchange STAR Market debut earlier this week.
The surge means CXMT has become the first semiconductor company in the 35-year history of China’s mainland stock market to top the A-share market by valuation, displacing long-standing leaders from the banking, energy and consumer sectors.
Blockbuster IPO fuels record rally
CXMT made a stunning debut on the STAR Market on Monday, with its
shares soaring 465.82 per cent on the first day of trading. The rally lifted its market value to around 3.28 trillion yuan, making it the largest company on China’s A-share market almost immediately after listing.
The company raised 57.92 billion yuan through its initial public offering, making it not only the largest A-share IPO of 2026 but also the biggest fundraising on the STAR Market since its launch.
The latest gains have pushed the company’s valuation beyond 4 trillion yuan, placing it among the world’s most valuable semiconductor companies.
Semiconductor stocks rally
The optimism surrounding CXMT also lifted broader semiconductor shares in China.
Memory chip-related stocks surged in early trade, with GigaDevice, TWSC and Wuxi Taiji Industry hitting their daily upper trading limits. Other semiconductor companies, including Puya Semiconductor, Ingenic Semiconductor and DapuStor, also posted strong gains as investors bet on continued government support for China’s domestic chip industry.
A key player in China’s chip ambitions
CXMT is China’s largest dynamic random-access memory (DRAM) manufacturer, producing memory chips used in smartphones, personal computers, data centres and artificial intelligence applications.
The company has built capabilities across chip research, design and manufacturing, with products including advanced DDR5 memory chips, a segment dominated globally by South Korea’s Samsung Electronics and SK Hynix, as well as US-based Micron Technology.
The rapid rise in CXMT’s valuation reflects growing investor confidence in China’s efforts to build a self-reliant semiconductor ecosystem as Beijing continues to invest heavily in domestic chip manufacturing amid technology restrictions imposed by the United States.
End of an era for China’s stock market
CXMT’s ascent also marks a symbolic shift in China’s equity markets.
For nearly two decades, the title of the mainland’s most valuable listed company had largely been held by state-owned banks, energy producers and traditional industrial giants. Companies such as the Industrial and Commercial Bank of China (ICBC) dominated market-cap rankings for much of that period.
The emergence of a semiconductor manufacturer at the top of the rankings highlights investors’ increasing focus on advanced manufacturing, artificial intelligence and strategic technologies that Beijing considers central to long-term economic growth.
The record valuation comes as China accelerates efforts to reduce dependence on imported semiconductors and strengthen its domestic supply chain, making companies such as CXMT central to the country’s broader technology ambitions.
