ChangXin Memory Technologies (CXMT) debuted on Shanghai's STAR Market on July 28, 2026. The company closed with a market capitalization of approximately 3.14 trillion yuan ($464 billion). This listing marks the largest IPO in China's A-share market for 2026. CXMT now ranks as the most valuable company listed on the Chinese mainland.
Alibaba Group Holding invested approximately 7.6 billion yuan in CXMT beginning in 2021. The tech giant maintained a pre-IPO stake of nearly 5% in the manufacturer. Alibaba's position is now valued at over 140 billion yuan. This represents a paper return of nearly 20 times the original investment. The gain underscores Alibaba's strategic shift toward the AI and semiconductor industries.