CXMT Surges Nearly 13% in Morning Trade, Market Cap Breaks 4 Trillion Yuan

According to a report by Cailianshe, China's largest DRAM manufacturer, ChangXin Memory Technologies (CXMT, 688825-CN), continued to surge on Friday, March 31, rising nearly 13% during morning trading and breaking the 4 trillion yuan (approximately USD 556 billion) market capitalization threshold.

CXMT debuted on the A-share market on March 27, closing at 49.00 yuan per share, a 465.82% increase from its offering price. The stock recorded a trading volume of 141.1 billion yuan on its first day, setting a new single-day record for any individual stock listed on the A-share market.

On its debut, CXMT closed with a market capitalization of approximately 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China (ICBC) to become the most valuable company listed on the A-share market.

Founded in 2016 and headquartered in Hefei, Anhui Province, CXMT is China's largest, most technologically advanced, and most comprehensively integrated DRAM research, design, and manufacturing enterprise.

In the first quarter of 2025, CXMT achieved 50.8 billion yuan in operating revenue, a 719.13% year-on-year increase. Net profit reached 33.012 billion yuan, up 1,268.45% year-on-year. Net profit attributable to owners of the parent company was 24.762 billion yuan, a staggering 1,688.30% increase compared to the same period last year.

CXMT has no controlling shareholder or actual controller. Prior to its IPO, its top five shareholders were Qinghui Integrated Circuit, Changxin Integration, Big Fund Phase II, Hefei Jixin, and Anhui Provincial Investment, holding 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of shares, respectively.

Qinghui Integrated Circuit and Changxin Integration are both state-owned capital institutions based in Hefei, while Anhui Provincial Investment is a provincial state-owned capital platform. Other shareholders include Big Fund Phase II, State Adjustment Fund, and China National Building Materials New Materials Fund—national-level strategic emerging industry investment platforms.