Odaily Planet Daily reports that CXMT is set to list on the Shanghai STAR Market. According to Bloomberg, based on the offering price, CXMT’s price-to-book ratio is approximately 2.4x, representing a discount of about 56% compared to the global DRAM industry average of companies such as SK Hynix, Micron Technology, and Nanya Technology. The Hyperliquid perpetual contract linked to CXMT’s expected share price closed at approximately $6.38 last Friday—about five times the IPO offering price—implying an implied valuation of roughly $428 billion. If CXMT’s market capitalization rises by approximately 330% on its first trading day, it will exceed ICBC’s market cap of RMB 2.6 trillion, becoming the highest-valued listed company on China’s A-share market.
The selling institution holds a more optimistic outlook. West Securities estimates that, based on a 40-times valuation of 2026 earnings, ChangXin Memory Technologies could reach a market capitalization of RMB 5 trillion; it expects the company’s revenue to rise from RMB 277.7 billion this year to RMB 572.7 billion by 2028, with net profit reaching RMB 290 billion. (Bloomberg)