Following its successful listing in Shanghai, CXMT's stock price surged on its first day of trading, reaching a market capitalization of approximately 3.3 trillion yuan based on the closing price. The IPO raised 5.792 billion yuan, equivalent to about 8.6 billion US dollars, making it the largest IPO completed in Asia this year.

DRAM business attracts attention

CXMT primarily manufactures DRAM chips, which are used in smartphones, computers, data centers, and artificial intelligence servers. According to its prospectus, the company held approximately 7.67% of the global DRAM market share by sales revenue in the fourth quarter of 2025.

Profitability and customer expectations

The company's operating profit for the first quarter was RMB 35.43 billion, a significant improvement compared to the operating loss of RMB 2.83 billion in the same period last year. The market also noted reports that Apple has begun testing CXMT's DRAM chips, potentially for use in devices sold in China.

Use of funds raised

Morningstar believes CXMT may benefit from China's policy direction of promoting the construction of domestic artificial intelligence infrastructure and reducing reliance on overseas semiconductor suppliers. The company stated that the IPO proceeds will be used for technology upgrades, expanding memory wafer capacity, and R&D projects.