雷科技
On July 27, CXMT (ChangXin Memory Technologies), China’s leading domestic DRAM manufacturer, was officially listed on the SSE STAR Market, staging an unprecedented "peak right upon debut" in the history of China’s A-share market.
For decades, the global DRAM market has long been monopolized by three overseas giants: Samsung, SK Hynix and Micron. China was almost entirely reliant on imports, trapped in severe technological bottlenecks imposed by foreign suppliers.
CXMT is the enterprise breaking this long-standing monopoly.
It ranks first in China and fourth worldwide among DRAM manufacturers, and remains the only IDM firm on mainland China capable of large-scale DRAM chip design and manufacturing. Founded in 2016, CXMT has climbed from scratch to become the world’s fourth-largest DRAM supplier in less than a decade. Its market share jumped from a mere fraction of one percent several years ago to 8% in Q1 2026.
Notably, CXMT’s IPO sparked huge excitement nationwide. From my research, overseas media also hold intriguing views on this milestone event.
Nomura Securities released an equity research report on the day of listing, assigning a Buy rating with a target price of RMB 116 per share. The institution forecast tight global memory chip supply in the coming years, expecting CXMT’s production capacity and market share to keep rising rapidly. It also added that A-share investors generally grant valuation premiums to scarce high-end semiconductor assets like CXMT.
Source: Nomura Securities
The BBC stated that CXMT (ChangXin Memory Technologies), China’s largest memory chip manufacturer, delivered an impressive debut on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. The BBC pointed out that far stronger demand than supply for the stock was the core driver behind its sharp share price surge.
Source: BBC
Tech media outlet Stockxpo reported that CXMT’s share price soared by roughly 470% on its first trading day. Its market value exceeded 3.3 trillion Chinese yuan, topping the list of highest-valued companies on the A-share market. Such performance outperformed the forecasts of most overseas institutions, testifying to robust market confidence in China’s domestic semiconductor development track.
Source: Stockxpo
The Associated Press noted that as China’s largest memory chip maker, the IPO of CXMT (ChangXin Memory Technologies) on the Shanghai Stock Exchange ranks among mainland China’s largest listing deals in recent years.
The report also pointed out that CXMT stands as a typical chip enterprise reaping substantial gains amid the ongoing AI industry boom. The company has enjoyed robust business growth against the backdrop of China accelerating its push for self-sufficiency in cutting-edge technologies and constrained supplies of advanced chip manufacturing equipment stemming from US-led export controls.
Source: apnews
The founder of Z-Ben Advisors stated that CXMT would see strong market demand in the early stage after its listing. Its share price is expected to jump remarkably on the first trading day, and even the second day. After market sentiment eases, the stock trend and overall market performance will gradually reach a new equilibrium.
Source: CNBC
xiaoleibbb (ID: xiaoleibbb) believes that previously, the top-valued companies on the A-share market were invariably banks, liquor firms or new energy enterprises.
Now a hard-tech manufacturer specializing in memory chips has claimed the top spot right after its IPO, which in itself marks a shift in value orientation. Capital is now ready to assign high valuations to tech firms boasting genuine technological barriers and strategic importance, a boon for the entire semiconductor sector.
More importantly, CXMT is merely the starting point. Serving as the prelude to a wave of blockbuster hard-tech IPOs in the second half of the year, its successful listing sets a benchmark for subsequent enterprises. Well-known hard-tech heavyweights including Yangtze Memory Technologies, Unitree Robotics and Shanghai Micro Electronics Equipment are lining up to access the capital market.
CXMT securing a valuation of 3 trillion yuan demonstrates that the market is willing to pay premiums for sophisticated core technologies and domestic substitution.
From suffering technological strangleholds to breaking monopolies, from years of sustained losses to daily profits amounting to hundreds of millions, from enduring widespread doubts to claiming the pinnacle of the A-share market, CXMT’s journey epitomizes China’s hard-tech industry. Stay committed to your original aspiration, and brighter prospects will unfold.
That said, Lei thinks it is too early to judge whether CXMT can maintain its market value, sustain technological breakthroughs and truly compete head-to-head with the three global industry giants.
Still, today is well worth a toast to domestic chips.
Lastly, amid the upcoming flood of hard-tech IPOs, which company are you most optimistic about? Feel free to share your thoughts in the comments section.
On July 31, ChinaJoy 2026—under the theme “Exploring with AI”—officially kicks off.
A total of 900 entertainment-focused exhibitors—including Tencent, NetEase, Sony, Qualcomm, Micron, and Qingxian—will jointly deliver a global feast for the entertainment industry;
How will hardware-tech brands—empowered by AI—collaborate across sectors (terminals, peripherals, robotics, displays, chips) with game-content developers to pioneer next-generation entertainment experiences?
LeiTech’s ChinaJoy 2026 reporting team, led by Founder & Editor-in-Chief Luo Chao, will descend upon Shanghai for exclusive coverage—stay tuned!
