ChangXin Memory Technologies (CXMT) completed a US$9.8 billion IPO on July 27 on Shanghai’s STAR Market, with shares rising 466% on debut and the company reaching a valuation of 2.4 times book value. The listing made CXMT the most valuable firm on mainland Chinese exchanges and positioned it as China’s sole viable DRAM contender against Samsung Electronics, SK Hynix, and Micron Technology. Sources CNA and Nikkei Asia confirm the core transaction details and market context.