"End of Samsung and SK Hynix’s Dominance?" CXMT Soars 466% on IPO Debut... Founder’s Wealth Jumps 300%

Chairman Juiming Joins the Billionaire Ranks
Net Loss of 2.8 Billion Yuan in Q1 Last Year
Tops Market Capitalization on IPO Debut Day

China’s DRAM manufacturer, Changxin Memory Technologies (CXMT), became the most valuable company by market capitalization on its first day of IPO. Chairman Zhuiming, the founder of CXMT, has also joined the ranks of billionaires as a result. The company’s stock price rose due to assessments that it is undervalued compared to global semiconductor competitors, as well as expectations for increased market share.

Chairman Zhuiming, founder of China Changxin Memory Technologies (CXMT). CXMT website

According to the Bloomberg Billionaires Index on the 27th (local time), Chairman Zhuiming’s estimated net worth surged by 300% to reach 13.9 billion dollars (about 20.4 trillion won) after CXMT’s listing on the Shanghai Stock Exchange on July 27. In the overall billionaire rankings, he is now ranked 234th, just after Wang Ning, the founder and CEO of Pop Mart.

With CXMT’s share price soaring, Chairman Zhuiming’s estimated wealth has risen sharply. On the previous day, CXMT finished trading at 49 yuan on the Shanghai Stock Exchange, which is a 466% increase from its IPO price of 8.66 yuan. Although this is slightly lower than the opening price of 49.5 yuan, it still represents a nearly 500% return. The company’s market capitalization reached 3.28 trillion yuan (about 711.8 trillion won), surpassing the Agricultural Bank of China, which previously held the top spot on China’s A-share market with a market capitalization of 2.35 trillion yuan.

Chairman Zhuiming plans to allocate 40% of his personal wealth as performance incentives for employees. As competition for semiconductor talent intensifies, this serves as an incentive to retain staff. According to the company, as of the end of last year, CXMT had 19,298 employees. Bloomberg also noted that Samsung Electronics and SK hynix have awarded bonuses of hundreds of thousands of dollars per person to some employees in order to keep up with demand by ramping up production.

Another notable point is that Chairman Zhuiming hails from Silicon Valley. Born in 1972 in Yancheng, Jiangsu Province, China, he received his master’s degree in physics from Tsinghua University and later studied at Stony Brook University in New York. After working on memory semiconductor development at a U.S. semiconductor firm, he founded GigaDevice in Silicon Valley in 2005. After listing GigaDevice on the Shanghai Stock Exchange in 2016, he partnered with Hefei municipal government to lead CXMT’s DRAM development project. Although the DRAM market was dominated by Samsung Electronics, SK hynix, and Micron at the time, Chinese business media Caixin reported that CXMT began accelerating its technology development and laying the groundwork for growth in 2019 after licensing DRAM patents from a Canadian company in the WiLAN group.

According to market research firm Omdia, CXMT captured a 7.67% share of the global DRAM market in the fourth quarter of 2025, becoming the world’s fourth-largest player by revenue. The company’s latest IPO prospectus states that CXMT’s first quarter revenue this year soared more than eightfold to 50.8 billion yuan, with net profit reaching 33 billion yuan. This is in stark contrast to the net loss of 2.8 billion yuan recorded in the same period last year.

This content was produced with the assistance of AI translation services.