ChangXin Memory Technologies (CXMT), the vanguard of China's semiconductor self-reliance in the global DRAM semiconductor market led by Samsung Electronics, SK Hynix, and U.S.-based Micron, has claimed the number one spot in China's market capitalization immediately upon its stock market debut.

Listed on the sci-tech innovation board known as the Star Market of the Shanghai Stock Exchange today (July 27), CXMT saw its shares surge more than 400% from its initial public offering (IPO) price of 8.66 yuan to reach 44 yuan as of 11:00 AM local time, surpassing a market capitalization of 2.9 trillion yuan and making it the top company by market cap on the Chinese mainland.

Through this IPO, CXMT issued approximately 6.68 billion new shares at an offering price of 8.66 yuan, raising over 12 trillion won in Korean currency.

The IPO drew immense popularity, recording subscription competition rates of over 200-to-1 for retail investors and 500-to-1 for institutional investors, respectively. It was evaluated as the largest IPO in the Asian stock market this year and the biggest ever among Chinese semiconductor firms.

Although stock market volatility has recently heightened, centered around semiconductor shares, foreign media outlets including Bloomberg anticipated a first-day stock surge based on corporate valuation and subscription enthusiasm. Aberdeen Asset Management, a global investment firm, commented, "It would not be surprising even if trading begins at a level 500% higher than the IPO price," adding, "We are very positive about overall Chinese hardware, including the local semiconductor supply chain."

The Star Market has no limits on daily stock price fluctuations for the first five trading days following a listing.

Market research firm Counterpoint Research analyzed that in terms of revenue for the first quarter of this year, Samsung Electronics (38%), SK Hynix (29%), and Micron (22%) ranked first through third, accounting for nearly 90% of the total global DRAM market. However, it also noted that CXMT's market share, which stood at a mere 3% in the first quarter of last year, has climbed to 8%.

CXMT plans to channel the funds raised through this IPO into expanding production lines and advancing its DRAM technology.

(Reported by Kim Taewon | Video by Lee Yu-jin | Design by Yang Hye-min | Produced by SBS Digital News)