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CXMT Soars 466% on Shanghai Debut Amid US Blacklist

7/28/2026

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Summary

CXMT Soars

CXMT Corp debuted on Shanghai’s tech board, jumping 466% to a $487.73 billion market cap after an $8.6 billion IPO.
The listing made CXMT China’s most valuable listed firm at roughly 3.3 trillion yuan (?$490 billion).
Micron Technology shares fell 4.3% to $881.60, erasing about $45.0 billion in value.
Analysts say Chinese firms can quickly close DRAM gaps while HBM will remain led by Micron, Samsung and SK Hynix until 2027.

Summary

Apple Seeks Waiver

The U.S. Pentagon blacklisted Chinese memory-chip maker CXMT over alleged military ties.
Apple, after CEO Tim Cook said “everything needs to be on the table” about Chinese chips, seeks a waiver to buy CXMT chips.
U.S. lawmakers have urged the Trump administration to block American firms from buying CXMT chips, while China’s CSRC and STAR Market held meetings to curb liquidity and suspended price limits for five days.

History

Historical Context

In May 2019 the U.S. Commerce Department added Huawei to the Entity List, prompting China to activate an “unreliable entities” list in September 2020 and to stockpile about two years of chips after Meng Wanzhou’s arrest. The 2024 Pentagon blacklist of memory-chip maker CXMT repeats that pattern, forcing Apple’s Tim Cook to seek a waiver and the CSRC to lift price caps.

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CXMT Soars

CXMT Corp debuted on Shanghai’s tech board, jumping 466% to a $487.73 billion market cap after an $8.6 billion IPO.
The listing made CXMT China’s most valuable listed firm at roughly 3.3 trillion yuan (?$490 billion).
Micron Technology shares fell 4.3% to $881.60, erasing about $45.0 billion in value.
Analysts say Chinese firms can quickly close DRAM gaps while HBM will remain led by Micron, Samsung and SK Hynix until 2027.

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