Shares in China's largest memory chip maker, ChangXin Memory Technologies (CXMT), jumped nearly 470% during its debut on the Shanghai Stock Exchange's Star Market.

Following this surge, CXMT's stock market valuation reached approximately 3.3 trillion yuan ($487bn; £365bn).

This performance established CXMT as the most valuable listed company in mainland China.

The debut occurred despite a significant sell-off of technology stocks across the global markets during the same month.

CXMT manufactures dynamic random-access memory (DRAM) chips used in mobile phones, PCs, tablets, and high-capacity AI data centers.

The company was founded in 2016 by Chairman Zhu Yiming and maintains its headquarters in Hefei, Anhui Province, China.

CXMT intends to utilize the majority of IPO proceeds to expand memory chip production and fund further research and development.

This surge comes as Chinese financial officials have been implementing measures to counter a stock market slump that recently erased more than $1.5tn in value.

Analysts attributed the massive jump to demand for shares far exceeding supply, as only 7% of total shares were available for trading.

The IPO highlights strong investor appetite for domestic chipmakers as the Chinese government pushes toward technology self-reliance.

Currently, global DRAM production is dominated by South Korean giants Samsung Electronics and SK Hynix, along with U.S.-based Micron, which together hold about 90% of the market.

SK Hynix recently raised $26.5bn (£19.8bn) in a New York offering, the largest ever listing by a foreign firm in the United States.

In that transaction, SK Hynix sold 177.9 million American depositary shares for $149 each.

SK Hynix shares rose as much as 17% on their first trading day on the Nasdaq, though they have since slightly retreated from those highs.

In May, SK Hynix's market value exceeded $1tn in South Korea, bolstered by surging demand for AI chips.

Prices for memory components have more than doubled in recent months and show no signs of slowing.

Several major technology firms have increased the prices of popular devices, including tablets and gaming consoles, to offset rising component costs.

According to Ellie Wong of TrendForce, these diversifying efforts should create more business opportunities for CXMT.

TrendForce analysts expect memory price increases to continue until the end of 2027.