First-day boom

Chinese technology IPOs have electrified investors this year. As the chart shows, several new listings delivered extraordinary first-day gains, with memory-chip maker CXMT among the standout performers, rising roughly 470% on its debut. The enthusiasm reflects more than market speculation – it highlights China’s growing ambitions in strategic technologies. CXMT is the world’s fourth-largest DRAM memory producer and has become a key player in an industry facing an AI-driven supply squeeze. Demand for memory chips used in servers and AI infrastructure continues to outpace supply as hyperscalers expand computing capacity. Analysts note that memory supply is still not enough despite significant industry investment. The company plans to use IPO proceeds to expand production and upgrade technology. While CXMT is unlikely to eliminate shortages overnight, additional capacity could gradually ease pressure in parts of the memory market.

Source: Bloomberg, July 2026.