CXMT shares soared almost 500% in their trading debut in Shanghai on Monday as investors flocked to the Chinese chipmaker amid booming demand for AI memory chips.

The stock opened at Rmb49.50 ($7.30) a share, compared with an IPO price of Rmb8.66. The company aimed to raise nearly $10bn in mainland China’s largest initial public offering since the Agricultural Bank of China made its debut in 2010.

CXMT’s debut comes two weeks after SK Hynix, the South Korean memory‑chip maker, raised more than $26bn in a US listing. The Chinese chipmaker is raising money to expand production as well as research and development of DRAM chips, which store short‑term memory in computers.

High demand for DRAM chips from AI companies has created a supply squeeze, especially for consumer electronics makers, underscoring the strategic importance of the new capacity. Analysts say the strong debut reflects confidence in China’s push for semiconductor self‑sufficiency and the global AI boom. The proceeds will fund new fabs and advanced process nodes to meet rising data‑center requirements.