Chinese memory chipmaker CXMT, which listed on Shanghai’s STAR Market on July 27, became China’s most valuable company last week after its market value topped US$500 billion and surpassed Tencent.

The move highlights investor demand for AI hardware tied to Beijing’s drive for tech self-sufficiency.

Founded in Hefei in 2016, CXMT makes dynamic random-access memory, or DRAM, chips for AI servers, cars, smartphones, and personal computers.

Its rise comes as US restrictions have barred imports of powerful high-bandwidth memory, or HBM, chips used in AI servers, increasing the strategic importance of domestic suppliers.

Unitree Robotics, a Hangzhou-based maker of humanoid and four-legged robots, drew retail demand of more than 5,500 times the shares available in its initial public offering.

The company priced its shares at 150.8 yuan (US$22), valuing it at about 61 billion yuan (US$9.04 billion) for its Shanghai STAR Market listing.

The shift toward hardware has also lifted the STAR50 Index, which tracks Shanghai’s tech-heavy STAR Market.

State-backed semiconductor funding has also intensified, including Shanghai’s municipal chip fund, which expanded 11x to 6 billion yuan (US$890 million).

🔗 Source: Bloomberg

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