Memory Chip Maker CXMT Rockets to Become The Largest Mainland-Listed Company

The world’s fourth-largest dynamic random access memory (DRAM) chip maker ChangXin Memory Technology (CXMT) went public on Monday, July 27th, 2026, on Mainland China’s STAR (Science & Technology) Board, a part of the Shanghai Stock Exchange. The initial public offering (IPO) was a rocket ship to the stars, rising +465% over the session to close at RMB 49 above its IPO price of RMB 8.66. The IPO may benefit CXMT’s local community as well as long-term strategic corporate investors, including Alibaba.

CXMT, which trades under the ticker 688825, is now the most valuable company listed in Mainland China, with a market capitalization of $484 billion. The IPO is a remarkable feat for a company that was founded in 2016.

CXMT’s revenue for the first six months of 2026 is expected to be between RMB 110 billion and RMB 120 billion, representing a year-over-year (YoY) increase of at least 600%. CXMT is expected to add RMB 303 billion to its overall revenue in 2026 and RMB 517 billion in 2027. Demand for CXMT’s chips is coming from both domestic and international sources. For more on CXMT’s long-term strategic market position, check out our recent article on KraneShares.com.

The massive IPO may have implications for the “emerging new first-tier city” that it calls home. CXMT is not located in the traditional technology and business hubs of Shanghai, Hangzhou, or Shenzhen. Rather, it is headquartered in the up-and-coming city of Hefei in Anhui Province, central eastern China. The city itself may see a mini-boom impacting real estate prices. This could also be driven by the 6,750 employees, which is 35% of the company’s workforce, that own shares.

The company’s listing also has implications for other technology and internet companies, including a windfall for Alibaba. The internet and E-Commerce behemoth owns nearly 5% of CXMT, after having invested in the company in December of 2021 and again in June of 2025. The company’s RMB 7.6 billion initial stake is now worth 22 times more, at RMB 170 billion. Alibaba’s investment in the company ownership was primarily to secure supplies of DRAM chips, but now represents a windfall for the intrernet giant. The windfall comes at an interesting time, as Alibaba is also spinning off its T-Head chip unit. The unit’s valuation is also likely to improve following the fabulous success of CXMT’s listing.