Chinese memory chipmaker Changxin Memory Technologies (CXMT) surged 471.59% on its Shanghai debut, briefly making it the most valuable company on mainland Chinese markets, Chosun reported on July 27.

The listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board is the largest in Asia this year and the second-biggest on a mainland Chinese exchange since Agricultural Bank of China's $10bn float in 2010. It positions Hefei-based CXMT as a domestic challenger to a DRAM market dominated by South Korea's Samsung Electronics and SK Hynix, and US firm Micron.

Shares opened at CNY49.5 ($6.90), up from the offering price of CNY8.66. At that level the company overtook Industrial and Commercial Bank of China (ICBC), which carries a market capitalisation of about CNY2.6tn ($363bn).

Bloomberg had projected that a first-day rise of around 330% would lift CXMT past ICBC to the top of the mainland market. The wire put CXMT's current global DRAM market share at 11%, though the company's own prospectus reported a 7.67% share for 2025.

The IPO drew subscription rates above 200-to-1 from individual investors and 500-to-1 from institutions, which Chosun said was 10 times the scale of individual demand seen in SpaceX's listing. CXMT plans to spend the proceeds on expanding production capacity and developing DRAM technology.

Samsung Electronics traded down 0.80% and SK Hynix fell 2.16% on the KOSPI, with both stocks seeing net foreign selling.

"It wouldn't be surprising if trading starts at a level 500% higher than the public offering price," said Bush Chu of Aberdeen Investment. "The outlook is very positive for the semiconductor local supply chain and overall Chinese hardware," Chosun reported.

A successful listing could encourage other Chinese firms preparing to float, including Yangtze Memory Technologies and Baidu's chip unit Kunlunxin. Industry sources cited by Chosun said AI companies DeepSeek and Moonshot could file as early as this year. Some analysts warned the scale of the listing could mark the peak of the AI-driven rally.