CXMT, formally ChangXin Memory Technologies, began trading on Shanghai’s STAR Market today under ticker 688825. Reuters reported that the company raised RMB 57.92B, or about $8.6B, in Asia’s largest IPO this year. Shares opened at RMB 49.50, compared with an IPO price of RMB 8.66, giving the DRAM maker a sharply higher market value in early trading. CXMT is a major DRAM manufacturer, and memory has become a more strategic part of the AI infrastructure stack as demand for DRAM, HBM and high-capacity storage rises. The listing gives public markets another way to price the memory cycle — not only through established global suppliers, but also through companies expanding capacity into an AI-driven demand environment.