Author: Jinshi Data
On July 27, China’s leading domestic DRAM manufacturer, CXMT, officially listed on the STAR Market of the Shanghai Stock Exchange. The stock opened at RMB 49.50, a 471.59% increase from its issuance price of RMB 8.66. Based on the post-issuance total share capital of approximately 66.881 billion shares, the company’s opening market capitalization reached approximately RMB 3.31 trillion, surpassing Industrial and Commercial Bank of China to become the highest-valued listed company on the A-share market.
For investors who participated in this subscription, the listing performance of CXMT on its first day also generated significant returns. According to the issuance arrangement, each winning online allocation corresponds to 500 shares, resulting in an approximate profit of ¥20,420 per lot based on the opening price. Previously, the final online subscription allocation rate for CXMT was 0.47141739%, making it one of the most closely watched new listings this year.
This listing also set a new record for the largest IPO on the STAR Market. After the offering, ChangXin Technology’s total share capital amounted to approximately 66.881 billion shares, with about 4.503 billion shares available for free trading in the initial stage, representing approximately 6.73% of the total post-offering share capital. Due to the limited proportion of tradable shares in the initial stage, concentrated buying pressure drove the stock price to rise rapidly.
By 10 a.m., the stock’s trading volume exceeded RMB 100 billion, setting a new record for single-day trading volume on a single A-share stock, with a turnover rate exceeding 48%. According to reports, some investors noted that trading experienced delays shortly after opening, preventing them from placing or canceling orders; services gradually resumed shortly thereafter. A branch manager at a securities firm confirmed that system delays did occur, stating, “There has never been a new stock with this level of trading volume.”
ChangXin Memory Technologies has attracted attention primarily due to its position in the memory chip sector. As a key player in China’s DRAM industry, the company has long been focused on the research, development, and manufacturing of dynamic random-access memory, and is regarded by the market as a vital participant in China’s domestic memory supply chain. Its listing on the capital market not only provides a funding channel for future capacity expansion and technological innovation but also serves as an important window into the development of China’s memory chip industry.
Amid ongoing advancements in artificial intelligence infrastructure, global market demand for high-performance computing, servers, and related storage products continues to attract significant attention. Memory chips, as a critical component in the data processing chain, have become a key area of competition in the semiconductor industry.
On its first day of listing, Changxin Technology's market capitalization exceeded 3 trillion yuan, placing it among the top-ranked companies on the A-share market and prompting a reassessment of the capital value of China's domestic semiconductor companies.
From a corporate development perspective, the high valuation provided by capital markets reflects investors' expectations for the growth potential of China's domestic storage industry. However, at the same time, how to convert technological expertise into sustained profitability remains a challenge businesses must address.
Competition in the semiconductor industry depends not only on production capacity but also on process technology, product mix, customer coverage, and supply chain capabilities. As competition in the global memory industry continues, ChangXin's ability to sustain growth in the future will depend on the speed of product iteration and its ability to increase market share.
Changxin Technology attracted concentrated investor attention on its first day of trading, but prices of newly listed stocks on the STAR Market tend to be highly volatile in the early stages. According to trading rules, there are no price fluctuation limits for the first five trading days after a stock's initial public offering; investors should still monitor market trading dynamics and the company’s subsequent disclosures.
The market's focus will gradually shift from the initial day's price surge to the company’s future operational performance, including factors such as capacity utilization, technological advancements, industry cycle changes, and long-term profitability.