SHANGHAI — Shares of CXMT Corp fell 4.31% on Thursday, closing at 51.96 yuan after a session of steady selling that extended a pullback from the stock's dramatic post-listing gains. The decline of 2.34 yuan came as investors continued to digest the memory chipmaker's blockbuster initial public offering and the competitive realities of the global DRAM market.

Trading on the Shanghai Stock Exchange's STAR Market under the ticker 688825, the stock opened near 52.90 yuan and ranged between 51.13 yuan and 53.23 yuan before settling lower. Volume remained elevated, reflecting ongoing interest in one of China's most closely watched new listings. The move followed a 1.27% drop the previous session and continued a pattern of volatility after the shares more than quintupled from their IPO price in late July.

CXMT, formally known as ChangXin Memory Technologies, debuted on July 27 with an offering price of 8.66 yuan. Shares opened at 49.50 yuan, surged as high as 55.03 yuan and closed the first day at 49 yuan, a gain of roughly 466%. That performance briefly lifted the company's market capitalization above 3.2 trillion yuan and made it the largest company by value on mainland China's exchanges, overtaking long-time leader Industrial and Commercial Bank of China.

The IPO raised approximately 57.9 billion yuan, ranking as Asia's largest listing of 2026 and the biggest semiconductor........

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