CXMT's Market Cap Hits 3.65 Trillion as Stock Soars Over 500% on First Trading Day: How Many Records Were Broken?

With the opening bell ringing at the Shanghai Stock Exchange today (May 27), ChangXin Memory Technologies (CXMT), China's leading domestic DRAM company, officially began trading on the STAR Market. The stock opened at 49.5 CNY per share (RMB, same below), a 471.59% surge from its IPO price of 8.66 CNY, giving it an initial market capitalization of approximately 3.31 trillion CNY. This surpasses ICBC (around 2.64 trillion CNY) to become the largest market cap among A-shares, marking the first technology stock on the A-share market to open with a market cap exceeding one trillion RMB.

This IPO has been a record-breaking journey from application to listing. CXMT’s IPO application was accepted on December 30, 2025, and it passed review on May 27, 2026—just 148 days later—making it the first project to be both accepted and approved under the STAR Market’s newly implemented pre-review IPO mechanism.

In terms of fundraising, the initial offering consisted of 6.688 billion shares at 8.66 CNY per share. With the full exercise of the over-allotment option (green shoe), the total raised capital reached 66.07 billion CNY, surpassing SMIC’s 2020 record of 53.23 billion CNY to become the largest IPO in STAR Market history. It ranks third in A-share IPO fundraising history, behind only the Agricultural Bank of China (68.529 billion CNY) and PetroChina (66.8 billion CNY).

Even without the green shoe, the pre-exercise amount of 57.919 billion CNY makes CXMT the largest IPO on the A-share market in nearly 19 years and the largest IPO in Asia in 2026.

Investor demand was unprecedented. There were 94.288 million valid online subscription accounts, with a total of 816.92 billion shares subscribed. After reallocation, the final online offering was 3.851 billion shares, resulting in a subscription success rate (win rate) of 0.47141739%, a new high for the STAR Market.

One lot (500 shares) sold at the opening price would yield a profit of 20,420 CNY. The overall abandonment rate for online and offline subscriptions was only 0.17%, clearly demonstrating the strong profitability of new share subscriptions.

Trading activity was also historic. As of midday today, CXMT’s single-day trading volume reached 122.1 billion CNY, setting a new record for the highest single-day trading volume for an individual stock on the A-share market. The turnover rate in the first hour exceeded 53%, meaning nearly half of the tradable shares changed hands. This combination of 'massive volume + ultra-high turnover' is unprecedented for a debut stock.

Valuation presents a rare 'contradiction': The IPO price corresponds to a 308.92x P/E ratio (non-GAAP diluted) for 2025, far exceeding the industry average of 76.32x. However, based on CXMT’s guidance—projecting parent net profit of 50–57 billion CNY and revenue of 110–120 billion CNY in the first half of this year—the current market cap implies a forward P/E ratio of only about 5 to 6x. The post-IPO price-to-book ratio of 5.06x is also lower than the industry average of 9.30x.

Thirty institutions participated in the strategic placement. The National Social Security Fund allocated approximately 7.5 billion CNY across 36 of its product portfolios. Insurers such as China Life and PICC, and industry partners including Montage Technology, Zhongwei Company, and Topcon Technology, were all included—highlighting strong backing from national-level long-term capital.

In terms of market cap, CXMT’s opening valuation of 3.31 trillion CNY surpasses CATL (~1.84 trillion), Kweichow Moutai (~1.61 trillion), and China Construction Bank. When converted to Hong Kong dollars, it briefly exceeded 3.65 trillion HKD, approaching Tencent’s ~4.03 trillion HKD.

However, on the global stage, Samsung Electronics (~6.66 trillion CNY), Micron (~6.8 trillion CNY), and SK Hynix (~5.66 trillion CNY) remain ahead. CXMT still has a significant gap to close with the global top three.

As China’s largest and most technologically comprehensive DRAM IDM (Integrated Device Manufacturer), CXMT’s listing is more than just a corporate milestone—it marks a pivotal moment in the rebalancing of hard-tech weightings on the A-share market and in China’s pursuit of self-reliance in memory technology. Beyond the records, the real test lies in navigating cyclical fluctuations and delivering on performance over the long term.