CXMT's shares skyrocketed 472% on their debut, making it the most valuable company on a mainland Chinese exchange with a market cap of about 3.3 trillion yuan. The company has significantly benefited from the AI boom and China's push for tech self-sufficiency, despite facing challenges from US export controls. CXMT aims to become a key player in the global memory chip market, currently holding about 9% of global shipments.