AI Boom Fuels Mainland China! CXMT Shares Surge 470% on First Trading Day, Setting Record as China's Top-Valued Listed Company

Chinese memory chip manufacturer ChangXin Memory Technologies (CXMT) officially listed on the Shanghai Stock Exchange's STAR Market on July 27. On its first trading day, CXMT's share price surged over 470%, with an IPO price of RMB 8.66 and an opening price as high as RMB 49.50. This explosive surge triggered massive excitement in the capital market, setting multiple historical records on China's A-share and STAR Market, instantly making CXMT the highest-valued listed company in China.

CXMT opened at RMB 49.50 per share, immediately pushing its market capitalization to RMB 3.31 trillion. This figure directly surpassed the long-standing A-share market cap leader, Industrial and Commercial Bank of China (ICBC), whose total market cap stands at RMB 2.76 trillion, making CXMT the most valuable company in China's capital market. This demonstrates the market's extremely high enthusiasm for a domestic semiconductor giant.

CXMT's IPO raised a base amount of approximately RMB 57.919 billion. If the 'green shoe mechanism' (over-allotment option) is fully exercised, the total fundraising will reach RMB 66.607 billion, breaking the record for the highest fundraising amount since the STAR Market's inception. The raised funds will be entirely invested in advanced DRAM process R&D, capacity expansion, and ecosystem integration.

The high valuation is largely driven by explosive growth in performance. As global DRAM memory prices rebound strongly and CXMT's own production capacity ramps up, the company is projected to achieve revenue of RMB 110–120 billion and net profit attributable to parent of RMB 50–57 billion in the first half of 2026, achieving a significant turnaround from losses to profits.

CXMT's successful listing and fundraising of up to RMB 66.6 billion marks the formal emergence of a fourth major force in the global DRAM market, which has long been dominated by three giants—Samsung, SK Hynix, and Micron—whose combined market share once exceeded 90%.

CXMT's wafer monthly production capacity is rapidly approaching 300,000 to 380,000 wafers, gradually nearing the production scale of Micron, the world's third-largest memory manufacturer. While it cannot yet challenge the leading positions of Samsung or SK Hynix in the short term, its presence is already spilling over and impacting the traditional product lines of the three major players.

With the explosion of generative AI, Samsung, SK Hynix, and Micron have diverted massive DRAM production capacity toward manufacturing high-margin, high-technical-barrier HBM (High Bandwidth Memory), causing a relative shortage in standard DRAM (such as DDR5, LPDDR5X) capacity.

CXMT, leveraging IPO funds to massively expand production capacity, has timely filled the huge demand in PC, server, smartphone, and automotive markets for standard and low-power DRAM, successfully capturing significant market share in high-capacity DDR5 and LPDDR5X segments.

Backed by massive capital, cost-effective production capacity, and China's domestic demand base, CXMT has become a key variable in market pricing and supply-demand dynamics. The profit margins of the three giants in standard DRAM may face long-term compression.