SHANGHAI - Shares of CXMT, China's top memory chip producer, rose sharply on Monday after beginning trading on the Shanghai exchange in what stands as one of mainland China's largest stock offerings in recent years.

The company's stock climbed 472 percent and remained up 462 percent by midday. It now ranks as the most valuable firm on any mainland exchange, reaching a market value near 3.3 trillion yuan, or over 487 billion dollars. Even so, its valuation trails those of major South Korean and U.S. rivals such as Samsung Electronics, SK Hynix and Micron Technology.

CXMT ranks among chip firms that have gained strongly from the surge in artificial intelligence. Demand remains high as China seeks greater independence in advanced technologies amid restricted access to cutting-edge equipment due to U.S.-led limits.

The firm secured at least 8.6 billion dollars through the offering, set at 8.66 yuan, or 1.3 dollars, per share on the Shanghai Stock Exchange STAR market. This marks the second-largest IPO on the mainland after the 22.1 billion dollar Agricultural Bank of China listing in 2010.

Established in 2016 in Hefei, CXMT stands as one of the globe's biggest producers of DRAM chips used across AI servers, vehicles and consumer devices including phones and PCs.

CXMT holds a key position in China's AI efforts despite U.S. export curbs, noted Kyle Chan of the Brookings Institution. Those curbs have also blocked imports of advanced HBM chips, a specialized DRAM type.

Revenue reached 50.8 billion yuan, or 7.5 billion dollars, in the first quarter of 2026 amid rising AI demand, marking over 700 percent growth from the prior year.

Widespread AI adoption has created a global memory chip shortage, pushing up costs for some computers and phones. Chan questioned whether CXMT could ease that shortage.

The firm offers China's strongest prospect for developing advanced HBM chips for local AI systems, Chan added. Yet it confronts hurdles such as supply chain limits when expanding output, given restricted access to top tools and reliance on domestic suppliers.

Counterpoint Research ranks CXMT as the fourth-largest DRAM maker by 2025 shipments, holding about 8 percent of the world market. Samsung held 36 percent, SK Hynix 29 percent and Micron 24 percent.

In the first quarter CXMT captured roughly 9 percent of global shipments. Counterpoint projects its share could reach 11 percent by 2028, though at least 15 percent would be needed for long-term competitiveness.

Trade limits on equipment remain the main obstacle for CXMT, said MS Hwang of Counterpoint. Some U.S. lawmakers have urged the Trump administration to restrict American purchases of CXMT chips over security issues.

The Pentagon has listed CXMT among firms tied to China's military, though Beijing has rejected most such claims.

The CXMT offering came after SK Hynix raised 26.5 billion dollars in its Nasdaq debut earlier this month.