CXMT Corp., China's largest DRAM memory-chip maker, surged as much as 535% in its Shanghai debut on Monday, closing 466% higher and becoming the most valuable company listed on China's mainland market. The company, previously known as ChangXin Memory Technologies, raised 57.92 billion Chinese yuan, or about $8.6 billion, with proceeds potentially rising to 66.6 billion yuan if an overallotment option is fully exercised. At the opening price of 49.50 yuan, compared with an IPO price of 8.66 yuan, CXMT was valued at about 3.3 trillion yuan, or roughly $487 billion, overtaking Industrial and Commercial Bank of China. The retail portion of the offering was 212 times oversubscribed. CXMT is the world's fourth-largest producer of DRAM chips behind Samsung Electronics, SK Hynix, and Micron Technology. Nomura initiated coverage with a Buy rating and a 116 yuan price target, expecting CXMT's share of global DRAM production to rise from about 10% currently to roughly 18% by the end of 2028. Risks include weaker customer demand, greater domestic competition, component shortages, and rising geopolitical tensions between the US and China. Morningstar analyst Jing Jie Yu noted that CXMT's lack of access to the industry's most advanced chipmaking equipment is creating a critical bottleneck, describing it as "a significant technological barrier to the progression of commercial