China Unleashes $28 Trillion Capital Markets to Challenge…

CXMT Corp., a memory chip maker, recently had a remarkable trading debut in Shanghai, skyrocketing over 500% within hours of its IPO. This surge made it the most valuable stock in mainland China, surpassing Industrial and Commercial Bank of China Ltd. CXMT is considered Beijing's key player in reducing reliance on foreign tech supplies and competing with US companies in AI.

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A CXMT Corp. facility on the outskirts of Shanghai in July.

A CXMT Corp. facility on the outskirts of Shanghai in July. Photographer: Qilai Shen/Bloomberg

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By Bloomberg News

August 9, 2026 at 9:00 PM UTC

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Even by the frothy standards of the AI era, CXMT Corp.’s trading debut in Shanghai last month was extraordinary.

Within a few hours, the memory chip maker — seen as Beijing’s best hope of reducing reliance on foreign suppliers and challenging the US in AI — surged more than 500% to become the most valuable stock in mainland China, eclipsing Industrial and Commercial Bank of China Ltd., which held the top spot for years.

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China Unleashes $28 Trillion Capital Markets to Challenge US in AI