Story perspectives

CXMT debuts, raises $8.6 B, shares jump 470%

7/27/2026

Summary

Story summary

CXMT debuted on Shanghai’s STAR Market on July 27 2026, raising 57.92 billion yuan ($8.6 billion), with shares jumping about 470% to value the company at roughly 3.3 trillion yuan, overtaking Industrial and Commercial Bank of China.
Only 6.73% of CXMT’s shares were tradable, while retail investors oversubscribed the float 212 times and institutions 1,500 times.
CXMT held 7.6% of the DRAM market in Q1 2026 and will use proceeds to upgrade 12-inch wafer lines and add automotive-grade memory.

History

Historical Context

Alibaba, founded in 1999 in Hangzhou, grew into China’s leading e-commerce platform. On 19 September 2014 it listed on the New York Stock Exchange, raising $25 billion and valuing the company at $231 billion, the largest IPO ever recorded. The deal highlighted China’s capacity to raise massive capital for tech firms and set a benchmark for later Chinese listings.

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Story summary

CXMT debuted on Shanghai’s STAR Market on July 27 2026, raising 57.92 billion yuan ($8.6 billion), with shares jumping about 470% to value the company at roughly 3.3 trillion yuan, overtaking Industrial and Commercial Bank of China.
Only 6.73% of CXMT’s shares were tradable, while retail investors oversubscribed the float 212 times and institutions 1,500 times.
CXMT held 7.6% of the DRAM market in Q1 2026 and will use proceeds to upgrade 12-inch wafer lines and add automotive-grade memory.

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