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CXMT becomes China’s most valuable A-share after 466% debut
ChangXin Memory Technologies’ market cap rose above 4 trillion yuan, taking the top spot from two decades of prior leaders among mainland state-backed firms.
ChangXin Memory Technologies, known as CXMT, surged to become the most valuable company on mainland China’s onshore A-share market after a 466% gain in its Shanghai trading debut, according to SCMP Economy.
The state-backed memory chip maker’s market capitalization topped 4 trillion yuan, or about US$592 billion, on Friday as chip-related shares broadly rallied. It first reached the No. 1 ranking on Monday and closed its first trading day at 3.28 trillion yuan after briefly hitting 3.68 trillion yuan amid exceptionally heavy turnover.
CXMT’s ascent ended two decades of market-cap dominance by other categories of firms on China’s onshore exchanges, including state-owned energy conglomerates, lenders, and traditional consumer brands. SCMP Economy also noted that the state-controlled commercial lender previously held the largest onshore market capitalization in 2006, from 2015 to 2019, and again in 2024.