Shares of Chinese memory chip producer CXMT Corp surged by more than 500% during their Shanghai Stock Exchange debut on Monday.
The extraordinary rally pushed CXMT’s market value above that of U.S. semiconductor company Intel and made it China’s most valuable publicly traded company.
CXMT Stock Jumps More Than 500%
CXMT shares climbed as much as 535.5% to 55.03 yuan by 03:52 GMT.
That compared with the company’s initial public offering price of 8.66 yuan per share.
The dramatic increase highlighted the strong demand surrounding one of Asia’s largest and most closely watched technology listings of the year.
Market Value Surpasses Intel
The rally lifted CXMT’s market capitalization above 3.6 trillion yuan, equivalent to approximately $530 billion.
That valuation placed the Chinese chipmaker ahead of Intel by market value.
CXMT also overtook the Industrial and Commercial Bank of China to become the country’s largest listed company.
The comparison reflects the rapidly increasing importance investors are placing on semiconductor companies linked to artificial intelligence and advanced computing.
Asia’s Largest IPO of 2026
CXMT raised 57.92 billion yuan, or around $8.6 billion, through the listing.
The deal ranked as Asia’s largest initial public offering of 2026.
The company plans to use the proceeds to expand production capacity, finance research and development, and improve its working capital position.
These investments could help CXMT increase output as demand for memory chips continues to rise.
China Pushes for Semiconductor Independence
The blockbuster debut reflects growing investor enthusiasm for Chinese semiconductor stocks.
China has accelerated efforts to reduce its dependence on foreign chip technology as U.S. export restrictions continue to limit access to advanced equipment and components.
Developing a stronger domestic semiconductor industry has therefore become an important strategic priority for Beijing.
CXMT plays a central role in that effort because it is China’s leading producer of dynamic random-access memory, commonly known as DRAM.
AI Demand Supports CXMT Growth
CXMT has become a major beneficiary of rising demand for memory chips used in artificial intelligence systems.
AI servers and data centers require large amounts of high-performance memory to process complex workloads and store rapidly expanding datasets.
The global expansion of AI infrastructure has therefore strengthened demand for DRAM products and increased investor interest in memory chip manufacturers.
Apple Reportedly Considers CXMT Chips
Recent media reports indicated that Apple was seeking approval from the Trump administration to use memory chips supplied by CXMT.
The chips would reportedly be used in devices sold outside the United States.
Apple is believed to be exploring alternative suppliers as it attempts to diversify its supply chain during a global memory shortage.
Any agreement with Apple could further strengthen CXMT’s position in the international semiconductor market.
CXMT’s remarkable Shanghai debut shows how investor enthusiasm for artificial intelligence, chip self-sufficiency and memory demand is reshaping valuations across China’s technology sector.
