Chinese memory chipmaker CXMT made its mainland stock market debut on July 27, 2026, with shares climbing nearly 500%, marking the largest IPO on the mainland since 2010, according to the Financial Times.
BBC News said the gain reached 470% on the day, with booming demand for AI memory semiconductors driving investor interest in the listing.
Funds run by Hefei's local government, which had backed CXMT before the listing, recorded gains of 5,000% from the debut, the Financial Times reported.
Some analysts view the surge as a potential bubble signal, the Financial Times noted, while also reporting that CXMT and its peers could benefit further if cheaper computing power pushes AI demand higher.