Shares in mainland Chinese chipmaker CXMT rose nearly 466 percent on Monday on the company’s debut on Shanghai’s STAR Market, making it the country’s most-valuable listed firm.

The IPO occurred the same day that China’s statistics office published figures showing that the country’s major chipmakers saw a 2,579.5 percent rise in profits in the first half of this year, compared to the same period a year ago, due to spiralling demand for AI computing power.

Hefei-based CXMT raised 57.92 billion yuan ($8.6bn, £6.4bn) after pricing its shares at 8.66 yuan each, in Asia’s biggest debut so far this year.

The shares closed at 49 yuan, giving it a market capitalisation of about 3.3tn yuan, higher than the market cap of 2.6tn yuan for the Industrial and Commercial Bank of China.

CXMT holds only a small portion of the global memory and storage market, but it and other domestic chipmakers are seeing explosive growth from domestic demand, as China’s government pushes greater tech self-sufficiency.

In the fourth quarter of 2025, CXMT held 7.67 percent of the world’s DRAM memory market, according to its IPO prospectus. That market is dominated by Samsung Electronics, SK Hynix and Micron.

It reached an operating profit of 35.43bn yuan in the first quarter, up from a loss of 2.83bn yuan a year earlier.

Reports earlier this month said Apple has begun testing CXMT’s DRAM for devices sold in China.

In recent quarters, CXMT has been making technical advances in high-end DRAM production that have been narrowing the gap with market leaders, in spite of being barred access to high-end production equipment from Western suppliers such as the Netherlands’ ASML.