长鑫存储技术有限公司（CXMT）在上海股交所完成上市，成为近年来中国大陆规模最大的首次公开募股之一。CXMT以8.66元/股的价格定价，融资规模超过86亿美元[1]。上市首日，CXMT股价大幅上涨472%[1]，最终市值约3.3万亿元（超487亿美元），成为中国大陆交易所市值最高的上市公司[1]。
作为全球第四大DRAM芯片制造商，CXMT在全球存储芯片市场中地位凸显[1]。2025年公司全球DRAM市场份额约8%，预计到2028年这一比例将上升至11%，相比之下三星电子、SK海力士和美光分别占据36%、29%和24%的市场份额[1]。2026年前三个月收入达508亿元，同比增长超过700%[1]。
然而，CXMT的发展面临外部限制。该公司已被美国五角大楼指定为与中国军方有关联的企业[1]，将受到美国出口管制的影响。此外，高端芯片制造设备供应受限也构成挑战[1]。尽管面临这些障碍，CXMT的此次上市规模仅次于农业银行在2010年创造的221亿美元IPO记录，是中国大陆自那以来规模第二大的上市融资[1]。
Changxin Memory Technologies (CXMT), China's largest memory chipmaker, made a spectacular debut on the Shanghai Stock Exchange, with shares surging 472% on its first trading day.[1] The company raised over $860 million through an initial public offering priced at 8.66 yuan per share, valuing it at approximately 3.3 trillion yuan (over $487 billion), making it the highest-valued company on mainland Chinese exchanges.[1]
The blockbuster listing represents the second-largest IPO on a mainland exchange since the Agricultural Bank of China's $22.1 billion offering in 2010.[1] CXMT ranks as the world's fourth-largest DRAM chipmaker, with its market share expected to grow from approximately 8% in 2025 to around 11% by 2028, trailing far behind Samsung Electronics at 36%, SK Hynix at 29%, and Micron Technology at 24%.[1]
The company faces significant headwinds, including U.S. export restrictions and limited access to cutting-edge semiconductor manufacturing equipment.[1] The U.S. Department of Defense has designated CXMT as an enterprise affiliated with China's military.[1]