CXMT closes up 465.82% in Shanghai debut after record STAR Market IPO

ChangXin Memory Technologies, or CXMT, closed up 465.82% at 49 yuan in its July 27 Shanghai STAR Market debut after rising as much as 535.45% from its 8.66 yuan IPO price, following a 57.92 billion yuan offering that could reach 66.61 billion yuan with the greenshoe option. The deal was described as Asia’s largest IPO this year, the biggest ever by a Chinese semiconductor company and the second-largest mainland listing since Agricultural Bank of China’s 2010 share sale, briefly valuing the Chinese DRAM maker at nearly $490 billion and making it, by some estimates, mainland China’s most valuable listed company. The listing highlighted optimism about AI-driven memory demand, CXMT’s customer and pricing power, and its HBM ambitions, but also split opinion over how far it can close a technology gap without access to EUV tools. Alongside the listing, Hyperliquid and Allium data showed active pre-IPO perpetual trading that closely tracked the opening price, while the largest identified short, address 0xf29, expanded to 2.6 million CXMT at a $6.4083 entry price and later showed unrealized losses ranging from about $1.24 million to $3.062 million across monitoring snapshots; another $2.39 million short was liquidated.