Anhui-based DRAM giant maintains position as most valuable A-share firm

Hefei, Anhui province, is seeing its efforts in support of high-tech enterprises bearing fruit as Chang-Xin Memory Technologies (CXMT) managed a massive recent debut on the nation's tech-heavy board, becoming the most valuable company among all A shares on its IPO day.

On Thursday, shares of CXMT closed at 52.87 yuan ($7.83) per share with a market value of 3.54 trillion yuan, maintaining its position as the most valuable A-share firm. The company went public with an issue price of 8.66 yuan per share on Monday, and closed that day at 49 yuan.

CXMT is a leading dynamic random-access memory (DRAM) enterprise in China. Jointly established by State-owned Hefei Industry Investment Holding Group in 2016, the chipmaker is listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.

READ MORE: CXMT shares soar in record IPO debut

Hefei now ranks fourth among cities nationwide in terms of being headquarters for listed companies' total market value, following Beijing, Shanghai and Shenzhen in Guangdong province.

"For 10 years, the group has continuously invested heavily in the CXMT project, accompanying it through industry cycles, and embarking on a path of determined innovation," said a company statement.

Public information shows that shares of CXMT held by State-owned capital in Hefei — the provincial capital — account for 33-37 percent, securing a book floating profit of over 1 trillion yuan.

Companies including Alibaba, Tencent, Xiaomi, Midea, BYD and NIO also invested in the company.

Additionally, State-owned investment institutions from cities such as Chongqing, Guangzhou in Guangdong, and Ningbo in Zhejiang province, also benefited from the massive debut.

Since the Anhui provincial government implemented an action plan in 2022 aimed at increasing the number of listed companies, the province has seen 41 companies float on domestic bourses, pushing up the total number of such companies to 190, moving up from ninth to seventh place among all provincial-level regions on the mainland.

The prospectus shows that net proceeds from CXMT's fundraising are specifically targeted at three major areas: upgrade of the memory wafer manufacturing mass production line, its DRAM memory technology upgrade project, and a forward-looking technology research and development project.

Over the past 20 years, Wang Houliang has held key positions in both the provincial and municipal governments, and joined CXMT as a senior executive in 2020, later serving as president of the Anhui New Display Industry Association after retiring from the firm.

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"I believe it is precisely because Anhui and Hefei have such a deep understanding of these industries that they dare to take a 'deep dive' and put more resources into projects that are seemingly difficult," Wang said.

Holding a PhD from Tsinghua University, Wang was assigned in 2000 as deputy director of the management committee of the Hefei National Economic and Technological Development Zone, where CXMT was established.

Apart from CXMT's success, Hefei's vision in the high-tech sector — which has been widely hailed as the "Hefei Model" — was also reflected by its investment in BOE, a display giant once supported by the Hefei government.

The city also invested in and attracted automakers such as NIO. In 2025, Hefei produced more than 1.37 million new energy vehicles, ranking first among cities nationwide.

Contact the writers at zhulixin@chinadaily.com.cn