ChangXin Memory Soars 530% on Debut, Market Cap Surpasses Intel, More Than Double That of Moutai

China's leading dynamic random-access memory (DRAM) manufacturer, ChangXin Memory (688825-CN), listed on the Shanghai Stock Exchange's STAR Market on Monday (27th). The company raised 66.607 billion yuan in its IPO, making it the largest IPO in STAR Market history and ranking among the top three in A-share market fundraising history.

On its first trading day, ChangXin Memory's stock price surged strongly, opening up over 470% and reaching a peak intraday gain of 531%. Its closing market capitalization exceeded 3.6 trillion yuan, officially surpassing Kweichow Moutai to become the most valuable company in the A-share market.

IPO Success and Market Reaction

ChangXin Memory issued approximately 6.688 billion shares at 8.66 yuan per share. Investors showed extremely high interest in the company, widely regarded as the 'national team' in memory technology. Retail investors oversubscribed by 212 times, with individual investors submitting around 9.4 million orders totaling 7.07 trillion yuan in subscription value.

Trading volume set a record on the first day. ChangXin Memory's half-day trading volume reached 122.1 billion yuan, breaking the record for the highest single-day trading volume for an individual A-share stock. Based on this market cap, ChangXin's valuation has surpassed that of U.S. semiconductor giant Intel (INTC-US), which stood at approximately $465.6 billion on July 24, and is equivalent to more than twice the size of Kweichow Moutai (600519-CN).

Some investors reported trading delays and inability to cancel orders during the initial trading phase due to the massive trading volume.

Industry Position and Technology Strategy

ChangXin Memory is currently the world's fourth-largest and China's largest DRAM supplier. According to Omdia data, based on sales in Q4 2025, ChangXin Memory holds a 7.67% global market share.

Although the global DRAM market is still dominated by Samsung Electronics, SK Hynix, and Micron Technology, collectively holding over 90% of the market, ChangXin Memory is seen as a key pillar in China's strategy to reduce reliance on foreign technology and strengthen its domestic semiconductor supply chain.

Amid the artificial intelligence (AI) boom, high-bandwidth memory (HBM) has become a critical component for AI data centers. ChangXin Memory is expected to make breakthroughs in memory chips for AI servers to meet growing domestic demand.

Financial Performance and Valuation Analysis

Financial data shows that after years of heavy R&D investment, ChangXin Memory has reached a profitability turning point. In the first quarter of 2026, the company reported revenue of 50.8 billion yuan, a year-on-year increase of over 700%, and achieved a net profit attributable to the parent company of 24.762 billion yuan, successfully turning a profit.

Regarding valuation, Bloomberg Intelligence noted that ChangXin Memory's IPO price implies a price-to-book ratio (P/B) of approximately 2.4 times, representing about a 56% discount compared to global peers such as SK Hynix, Micron, and Nanya Technology. The discount is even more pronounced compared to Chinese semiconductor firms like SMIC.

Expert Opinions and Market Outlook

Market analysts have given high praise to ChangXin Memory's listing, though they hold differing views on its future growth potential.

Zeng Jiqing, fund manager at Beijing Nuohua Investment Management, stated that ChangXin Memory is the 'undisputed leader' in China's semiconductor localization story, and once its market cap falls below 2 trillion yuan, it will attract massive inflows of capital.

Northeast Securities believes ChangXin Memory is currently in a phase of rapid market share expansion, with long-term market share potentially reaching around 30%. Applying a growth premium and estimating a P/E ratio of 10 to 15 times, the company's market cap could range between 2.85 trillion and 4.27 trillion yuan.

West Securities stated that ChangXin Memory's listing will fundamentally reshape the valuation logic of the A-share semiconductor sector, filling the long-standing gap of having 'design capability without a manufacturing leader' in the storage segment. In an optimistic scenario, its market cap even has the potential to challenge 4 trillion yuan.

Guojin Securities pointed out that the synergy between policy support and expanding global DRAM demand will open up vast growth opportunities for domestic memory companies.