China's memory chipmaker ChangXin Technology Group (CXMT) jumped about 470 percent on its first day of trading on the Shanghai stock market, becoming the country's No. 1 listed company by market capitalisation.

On July 27, CNBC reported that CXMT began trading on the STAR Market, Shanghai's tech-focused board, and its share price rose sharply.

Based in Hefei, CXMT set its IPO price at 8.66 yuan per share, raising 57.92 billion yuan. This is the biggest IPO in Asia this year. Shortly after listing, the stock traded above 49 yuan and its market value swelled to about 3.3 trillion yuan, or about 715.0 trillion won.

The listing is seen as showing both the fundraising capacity of China's memory chip industry and market expectations. According to the prospectus, CXMT plans to prioritise the proceeds for mass production of memory wafers and research and development projects to strengthen technological competitiveness and core capabilities.

Results also improved quickly. CXMT posted operating profit of 35.43 billion yuan in the first quarter, turning to profit from an operating loss of 2.83 billion yuan a year earlier. This is interpreted as being driven by rising global computing demand and a reshaping of production capacity by major manufacturers.

Market share also drew investors' attention. Based on fourth-quarter 2025 sales cited in the prospectus, CXMT recorded a 7.67 percent share of the global DRAM market that year. DRAM is a key memory chip used in electronics ranging from smartphones to servers.

More recently, the market's attention intensified due to Apple-related reports. Earlier this month, reports said Apple was testing CXMT's DRAM for use in products sold in China, focusing investor interest, and an analysis said those expectations helped drive a successful listing.

CXMT was founded in 2016 by chairman Zhu Yiming (주이밍). He plans to accelerate expanding mass-production capacity and advancing technology on the back of the listing. With mass production of memory wafers set as a key task, it is expected to focus on expanding its production base beyond simply raising funds.

The market is also watching whether global DRAM competition could shift. Samsung Electronics, SK Hynix and Micron Technology currently lead the DRAM market. With CXMT securing large-scale funds through the listing, whether future production expansion and technology investment translate into changes in market share is seen as a key point to watch.