An obscure Chinese company just listed in Shanghai: It’s a story about AI and your eye-watering gadget bill
ChangXin Memory Technologies (CXMT) listed on Shanghai’s STAR Market on Monday, in what was Asia’s biggest initial public offering (IPO) of 2026.
The Hefei-based company raised 57.9 billion yuan (roughly $8.6 billion), pricing shares at 8.66 yuan apiece. Shares surged 470% within minutes of trading opening, changing hands at 49.50 yuan and briefly making CXMT the most valuable company on China’s stock market — a market capitalisation of 3.3 trillion yuan ($487.31 billion), sharply up from the roughly $85.5 billion valuation implied during the IPO process, even as global tech stocks have been through a recent selloff.
Most in India have likely not heard of CXMT. Fewer still know it makes DRAM — the memory chips packed into every phone, laptop and server on the planet. But the reason this listing matters has nothing to do with the company’s name, and everything to do with why your last gadget...
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