ChainCatcher report: Today, CXMT, China's leading DRAM manufacturer (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 first among all A-share listings. 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, each successful lottery winner realized a profit of RMB 20,000. On the same day, Nomura initiated coverage on 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 potential upside of approximately 13.4% from the issuance price and an implied market capitalization of RMB 7.76 trillion. Nomura believes this valuation is roughly double that of Micron, primarily due to expectations of CXMT’s market share growth and a valuation premium for the Chinese market.
CXTECH surges 471.59% upon listing, valued at 3.3 trillion yuan, marking the largest IPO on the Sci-Tech Board.
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Summary
CXTECH (688825.SH) surged 471.59% on its STAR Market listing, reaching 49.5 yuan and achieving a market cap of 3.3 trillion yuan—the largest in A-shares. On-chain data shows the IPO raised 57.9 billion yuan, the largest on the Sci-Tech Board to date. Nomura initiated coverage with a price target of 116 yuan, based on on-chain analysis projecting 5.8 yuan EPS by 2028. The target implies a 13.4x increase from the IPO price and a market cap of 7.76 trillion yuan.
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