ChangXin Memory Technologies closed its first day on Shanghai's STAR Market at 49 yuan on Monday, up roughly 466% from an 8.66 yuan offer price, giving China's only volume DRAM maker a market capitalization of about 3.3 trillion yuan ($487 billion) and the top spot on the mainland market ahead of Industrial and Commercial Bank of China. The company raised 57.92 billion yuan ($8.6 billion) in Asia's largest IPO of 2026, and its prospectus assigns the bulk of the named project spending to wafer lines and process upgrades for DRAM it already produces, with nothing earmarked for high-bandwidth memory.
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