CXMT Debuts on A-Share Market, Shares Surge 465% to Become Most Valuable Company

China's three major A-share indices closed higher on Monday, May 27. ChangXin Memory Technologies (688825-CN), China's largest DRAM manufacturer, made its debut on the stock exchange, closing at RMB 49.00 per share, a surge of 465.82% on its first trading day.

The Shanghai Composite Index closed at 3,858.25 points, up 1.15%. The Shenzhen Component Index ended at 14,148.73 points, rising 2.72%. The ChiNext Index closed at 3,590.79 points, up 3.16%.

ChangXin Memory Technologies closed at RMB 49.00 per share on May 27, soaring 465.82% during its first trading session, with a total trading volume of RMB 141.1 billion, setting a new record for the highest single-day trading volume of any individual stock in the A-share market.

The company's market capitalization reached approximately RMB 3.28 trillion at closing, surpassing Industrial and Commercial Bank of China (01398-HK) to become the most valuable company listed on the A-share market. This market cap also exceeded that of U.S. tech giant Intel (INTC-US), whose market value stood at USD 465.6 billion (approximately RMB 3.15 trillion) at the close of its previous trading session.

Founded in 2016 and headquartered in Hefei, Anhui Province, ChangXin Memory Technologies is China's largest, most technologically advanced, and most comprehensively integrated DRAM research, design, and manufacturing company.

In the first quarter of this year, ChangXin reported revenue of RMB 50.8 billion, a year-on-year surge of 719.13%. Net profit reached RMB 33.012 billion, up 1,268.45% year-on-year. Net profit attributable to owners of the parent company was RMB 24.762 billion, a staggering increase of 1,688.30%.

ChangXin has no controlling shareholder or actual controller. Before listing, its top five shareholders were Qinghui Integrated Circuit, ChangXin Integration, Big Fund Phase II, Hefei Jixin, and Anhui Provincial Investment, holding 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% respectively.

Qinghui Integrated Circuit and ChangXin Integration are both backed by Hefei state-owned capital institutions, while Anhui Provincial Investment is a provincial state-owned investment platform. Other shareholders include Big Fund Phase II, State Adjustment Fund, and China National Building Materials New Materials Fund—national strategic emerging industry investment platforms.