ME News reports that on July 27 (UTC+8), China’s leading DRAM manufacturer, CXMT (688825.SH), made its debut on the STAR Market, opening at RMB 49.50, a 471.59% surge from its issuance price of RMB 8.66, with a market capitalization of RMB 3.3 trillion—ranking it first among all A-share listed companies. This IPO raised approximately RMB 57.9 billion (before full exercise of the over-allotment option), making it the largest IPO to date on the STAR Market. At the opening price, investors who subscribed to one lot (1,000 shares) realized a profit of RMB 20,000. On the same day, Nomura initiated coverage of CXMT with a target price of RMB 116, based on an expected EPS of RMB 5.8 in 2028 and a target P/E ratio of 20x, implying a 13.4% upside from the issuance price and an implied market capitalization of approximately RMB 7.76 trillion. Nomura believes this valuation is roughly twice that of Micron, primarily due to expectations of CXMT’s market share growth and a valuation premium for the Chinese market. (Source: ChainCatcher)
ChangXin Technology surges 471.59% on debut, reaches a market cap of 3.3 trillion CNY
KuCoinFlashShare
Summary
ChangXin Technology (688825.SH) surged 471.59% on its debut on the STAR Market, opening at CNY 49.5 on July 27. On-chain data shows the stock reached a market capitalization of CNY 3.3 trillion, becoming the largest in the A-share market. The IPO raised CNY 57.9 billion, the largest to date on the STAR Market. Nomura initiated coverage with a CNY 116 target price, based on an on-chain analysis projecting a 20x P/E ratio and CNY 5.8 earnings per share by 2028.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.