CXMT shares soared more than 470% on their debut on the Shanghai Stock Exchange’s Star Market, making China’s largest memory chip manufacturer the most valuable listed company in mainland China.

The rally pushed ChangXin Memory Technologies (CXMT) to a market valuation of approximately 3.3 trillion yuan ($487.3 billion), despite a broader global selloff in technology stocks this month.

Founded in 2016 by Chairman Zhu Yiming, the Hefei-based company manufactures dynamic random-access memory (DRAM) chips used in artificial intelligence (AI) data centers, smartphones, personal computers, tablets, and other electronic devices.

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CXMT said it will use most of the funds raised through its initial public offering (IPO) to expand memory chip production and strengthen research and development efforts.

Analysts attributed the extraordinary first-day surge to limited share availability and overwhelming investor demand.

According to market analysts, only about 7% of the company’s shares were available for trading, creating a supply shortage that fueled the sharp rise in the stock price.

The successful listing also reflects growing confidence in China’s domestic semiconductor industry as Beijing continues efforts to reduce reliance on foreign technology and strengthen its chip manufacturing capabilities.

The global DRAM market remains dominated by Samsung Electronics, SK Hynix, and Micron, which together account for around 90% of worldwide production.

The listing also comes shortly after SK Hynix raised $26.5 billion through its New York share offering, the largest-ever U.S. listing by a foreign company. The South Korean chipmaker, a major supplier to Nvidia, saw strong investor demand as the global AI boom continues to drive semiconductor growth.

CXMT’s record-breaking market debut marks another milestone in China’s push to build a globally competitive semiconductor industry and capitalize on rising demand for AI-related technologies.