Chinese chipmaker CXMT surges 500% in record Shanghai IPO

In late July 2026, Chinese memory chipmaker CXMT made a stunning stock market debut in Shanghai, with shares surging over 500% on the first day. The IPO was the largest ever in mainland China, making CXMT the country's most valuable listed company, briefly surpassing Intel in market capitalization. The surge was driven by strong demand for AI-related memory chips, which are in short supply globally.

CXMT's founder pledged $5.6 billion to workers following the IPO. Meanwhile, in a separate development, German automaker Audi cut its profit forecast, citing problems in China and the Middle East. The two stories are unrelated but appeared in the same news cluster.