Shares in China’s biggest memory chip maker, Chang Xin Memory Technologies (CXMT), surged nearly 470% on their debut on the Shanghai Stock Exchange’s technology‑heavy Star Market, pushing the company’s market value to around 3.3 trillion yuan ($487 bn).

Founded in 2016 by Chairman Zhu Yiming and headquartered in Hefei, Anhui Province, CXMT makes dynamic random‑access memory (DRAM) chips that power AI data centres, mobile phones, PCs, and tablets. The firm plans to plow most IPO proceeds into expanding chip production and research, a move that should help offset a recent global tech‑stock slump that wiped out more than $1.5 trn.

Analysts say the jump was fueled by a scarcity of shares—only 7 % were available for trading—and by strong domestic appetite for a home‑grown chipmaker amid Beijing’s push for tech self‑reliance. The company, a key Nvidia supplier, sold 177.9 million American depositary shares at $149 each. With memory prices expected to rise through 2027, CXMT is poised to benefit from diversifying supplier demand.