ARTFEED — Contemporary Art Intelligence

China's $28T Capital Markets Fuel AI Chip Race via CXMT's Record IPO

economy-finance · 2026-08-10

China is leveraging its $28 trillion stock and bond markets to strengthen its technological rivalry with the U.S., highlighted by the remarkable debut of CXMT Corp. In the last two years, Chinese technology companies have raised approximately $217 billion, while their U.S. counterparts secured more than six times that figure. CXMT, which was previously known as ChangXin Memory Technologies, saw its shares surge by 466% to 49 yuan, raising 57.92 billion yuan ($8.6 billion) and achieving a market valuation of 3.3 trillion yuan ($488 billion), making it the most valuable onshore-listed firm in China. This listing was expedited through a "preliminary review" pilot. Additionally, Chinese tech firms issued $38 billion in bonds this year, the highest volume since 2016, with more listings expected from AI companies Z.AI, MiniMax, and Moonshot AI.

Key facts

  • China is using its $28 trillion stock and bond markets to fund its AI chip race with the US.
  • CXMT Corp. (formerly ChangXin Memory Technologies) had a record Shanghai debut, closing up 466% at 49 yuan per share.
  • CXMT raised 57.92 billion yuan ($8.6 billion), the largest mainland Chinese semiconductor offering on record.
  • CXMT's market cap reached 3.3 trillion yuan ($488 billion), surpassing ICBC to become China's most valuable onshore-listed company.
  • Chinese tech companies raised $217 billion in equity and debt markets over the past two years, but US counterparts outpaced them by 6:1.
  • CXMT used a 'preliminary review' pilot, cutting time from filing to market to under eight months.
  • Chinese tech companies sold at least $38 billion in bonds this year, paying an average coupon of 1.9%.
  • AI firms Z.AI, MiniMax, Moonshot AI, and DeepSeek are planning IPOs.
  • Gary Tan of Allspring Global Investments noted CXMT trades at a premium due to policy-driven sentiment.
  • Hong Hao of Lotus Asset Management said capital ultimately must come from the market if not from the state.

Entities

Institutions

  • Bloomberg
  • CXMT Corp.
  • Amazon
  • Alphabet
  • Industrial and Commercial Bank of China
  • Allspring Global Investments
  • Z.AI
  • MiniMax
  • Moonshot AI
  • DeepSeek
  • Lotus Asset Management

Locations

  • China
  • United States
  • Shanghai
  • Hefei
  • Hong Kong

Sources