Changxin Technology Group shares soared nearly 466% on debut in Shanghai's STAR Market, becoming the most valuable China-listed company.
Changxin Technology Group shares surged nearly 466% during their debut on Shanghai's tech-heavy STAR Market, making the firm the most valuable China-listed company. The Hefei-based chipmaker raised 57.92 billion yuan ($8.6 billion) at a8.66 yuan per share, marking Asia's largest IPO this year. The company's market cap reached approximately 3.3 trillion yuan, surpassing the Industrial and Commercial Bank of China. According to the IPO prospectus, Changxin Technology Group held a 7.67% share of the global DRAM market in 2025. The firm has seen increased attention recently, with reports that Apple has begun testing its DRAM for devices sold in China. The company reported an operating profit of 35.43 billion yuan in the first quarter, a significant increase from a loss of 2.83 billion yuan a year prior. Theodore Shou, CEO at Yiyi Capital, noted that while the day-one performance was prominent for a company of this size, the market is currently at a peak of demand and supply imbalance. He warned that while the business is the sustainable, current margins and net profitability are expected to normalize over a cycle.