# CXMT Stock Price: Inside the Record IPO Debut > CXMT closed 466 percent above its offer price on debut, worth 3.28 trillion yuan. What that valuation implies about the DRAM shortage. Source: https://capitalandcompute.net/blog/cxmt-stock-price-ipo/ Published: 2026-07-27 Updated: 2026-10-07 CXMT (ChangXin Memory Technologies) listed on the Shanghai Stock Exchange’s STAR Market on 27 July 2026 under the stock code 688825\. Shares were offered at 8.66 yuan, opened at 49.50 yuan, touched 54.65 yuan intraday, and closed at 49.00 yuan, up 466% on the day. That close valued the DRAM maker at about 3.28 trillion yuan (roughly US$485 billion), making it the most valuable company listed on a mainland Chinese exchange. Those are the numbers. The more useful question is what a 3.28 trillion yuan price tag implies, because CXMT sells commodity memory, holds under a tenth of the global DRAM market, and produces almost no high-bandwidth memory. The market did not price a technology leader on day one. It priced a shortage. The debut in one screen * Offer price 8.66 yuan; closed at 49.00 yuan on 27 July 2026, a 466% first-day gain, at a market cap of about 3.28 trillion yuan (roughly US$485 billion). * The IPO raised 57.92 billion yuan (about US$8.6 billion), the largest semiconductor listing ever on a mainland exchange, past the 53.2 billion yuan SMIC raised in 2020. * The retail tranche was 212 times oversubscribed on 9.4 million individual orders, with a winning allocation rate near 0.47%, per Bloomberg. * Overseas retail investors cannot buy it: STAR Market shares are tradable through Northbound Stock Connect only by institutional professional investors, per HKEX. * At the closing price, CXMT is the most expensive of the four large DRAM makers per point of global market share, on a business with effectively no HBM revenue. ## What CXMT priced at, and where it closed CXMT sold 6.688 billion shares at 8.66 yuan each, about 10% of its total share capital, raising 57.92 billion yuan, [as reported by TechNode on the day of listing](https://technode.com/2026/07/27/cxmt-becomes-chinas-most-valuable-a-share-company-after-8-6-billion-ipo/). That makes it the largest semiconductor offering on record on a mainland Chinese exchange, ahead of the 53.2 billion yuan foundry SMIC raised in its 2020 STAR Market listing, [per the South China Morning Post](https://www.scmp.com/tech/big-tech/article/3361926/chinas-cxmt-shares-rise-472-star-market-debut-valuing-dram-maker-us489-billion). Counting all mainland listings, it ranks second only to Agricultural Bank of China’s US$22.1 billion dual listing in 2010, [according to Associated Press coverage carried by Euronews](https://www.euronews.com/business/2026/07/27/china-memory-chipmaker-cxmts-shares-soar-in-blockbuster-listing). Demand ahead of the debut was the real signal. The retail tranche closed 212 times oversubscribed after a clawback mechanism, on roughly 9.4 million individual orders, [per Bloomberg](https://www.bloomberg.com/news/articles/2026-07-16/cxmt-s-blockbuster-ipo-212-times-covered-for-retail-investors). CNBC put the resulting winning allocation rate near 0.47%, [in its report on the debut](https://www.cnbc.com/2026/07/27/cxmt-china-market-debut-chipmaker-ipo.html). Roughly one applicant in two hundred got shares. The STAR Market applies no price limit on a stock’s first trading day, so the repricing happened in the opening auction rather than across a week of limit-up sessions. The chart below tracks it as four discrete events rather than a smooth line, because that is what it was. __CXMT share price and implied market cap on its listing day, 27 July 2026__ | Stage | Share price | Change vs offer price | Implied market cap | | ------------- | ----------- | --------------------- | ------------------ | | IPO offer | ¥8.66 | offer price | ¥0.58T | | Debut open | ¥49.50 | +472% | ¥3.31T | | Intraday high | ¥54.65 | +531% | ¥3.65T | | Close | ¥49.00 | +466% | ¥3.28T | CXMT's listing day, priced at four events. Market cap at each rung is derived from the price and 66.88 billion shares outstanding (the 6.688 billion shares sold represented about 10% of total share capital). The dashed line marks 38.87 yuan, the price at which CXMT's market cap matches the 2.6 trillion yuan ICBC carried as the previous most valuable mainland-listed company.Source: Capital & Compute calculation from SCMP, Euronews (AP) and CNBC price reporting, 27 July 2026 The share count is worth spelling out because it makes the rest of the arithmetic checkable. At 66.88 billion shares, the 8.66 yuan offer price implies a market cap of 579 billion yuan, which matches the roughly US$85.5 billion valuation reported during the bookbuild. The 54.65 yuan midday high implies 3.66 trillion yuan, which is the figure Euronews reported at the break. The 49.00 yuan close implies 3.277 trillion yuan, which is the 3.28 trillion figure the SCMP reported. Three independently reported market caps reconcile against one share count, which is a good sign the numbers are not garbled in translation. 8.66 Offer price, yuan 6.688bn shares sold +466% First-day gain closed at 49.00 yuan ¥3.28T Closing market cap about US$485 billion 212x Retail oversubscription 9.4m orders, per Bloomberg Turnover was its own record. CXMT became the first single A-share stock to clear 100 billion yuan of turnover in one session, with the SCMP putting full-day volume above 140 billion yuan. ## Where the stock has traded since the debut The debut close did not turn out to be the top. Over its first two months of trading, CXMT ranged from a low of 38.11 yuan to a high of 61.80 yuan, set on 17 August 2026, and closed at 56.20 yuan on 24 September 2026, per [StockAnalysis daily price history for 688825](https://stockanalysis.com/quote/sha/688825/history/). That close is about 15% above the 49.00 yuan debut close and roughly 6.5 times the 8.66 yuan offer price. On the same 66.88 billion share count used above, it implies a market cap of about 3.76 trillion yuan (Capital & Compute calculation). The first set of results as a listed company arrived in between. CXMT’s half-year report, published 31 August 2026, showed first-half revenue of 150.31 billion yuan, up 873.64% year over year, net profit of 77.61 billion yuan, and a second-quarter gross margin of 87.59%, [as summarized by TrendForce from the filing](https://www.trendforce.com/news/2026/08/31/news-cxmt-gross-margin-hits-87-in-q2-to-rival-memory-giants-as-lpddr6-mass-production-reportedly-begins). On 20 September the company said its fifth-generation G5 DRAM platform had entered mass production with at least 50% more gross die per wafer, [per TrendForce](https://www.trendforce.com/news/2026/09/23/news-chinas-a-share-semiconductor-profit-jumps-607-yoy-in-1h26-cxmt-tops-both-revenue-and-profit-rankings/). Both are the shortage thesis below playing out in reported numbers: record margins today, and more output per wafer arriving to test them. ## A 3.28 trillion yuan valuation on 9% of the market Here is the part the wire copy skips. CXMT is the world’s fourth-largest DRAM supplier, at roughly 9% of the global market, against Samsung at about 36%, SK Hynix at about 29% and Micron at about 24%, [per the Associated Press figures carried by Euronews](https://www.euronews.com/business/2026/07/27/china-memory-chipmaker-cxmts-shares-soar-in-blockbuster-listing). All three incumbents crossed US$1 trillion in market value in May 2026 and were worth about US$4.1 trillion combined, [according to Fortune’s July 2026 account of the memory boom](https://fortune.com/2026/07/22/memory-semiconductors-memi-samsung-sk-hynix-micron-tech-ai/). Dividing one by the other gives a crude but revealing multiple: dollars of market value per percentage point of global DRAM share. | Company | Market cap (US$bn) | Global DRAM share | Market cap per point of share | | -------- | ------------------ | ----------------- | ----------------------------- | | CXMT | 485 | \~9% | **US$53.9bn** | | Micron | 1,072 | \~24% | US$44.7bn | | SK Hynix | 1,055 | \~29% | US$36.4bn | | Samsung | 1,102 | \~36% | US$30.6bn | How this table was built, and what it is not This is a Capital & Compute calculation, not a reported figure. Market share percentages are the AP numbers above. CXMT’s market cap is its 27 July closing value; the three incumbents’ caps are the early-July 2026 snapshot Fortune reported, so the comparison mixes dates by a few weeks. It is also deliberately unfair to Samsung and Micron in opposite directions: Samsung’s market cap includes foundry, handsets and displays, which flatters its DRAM multiple, while Micron’s includes NAND. Read it as an order-of-magnitude sanity check on relative pricing, not as a valuation model. Even granting every caveat, the direction holds. The market assigned the newest and least technically advanced of the four the highest price per unit of share it actually holds. And it did so for a company whose high-bandwidth-memory output is, on SemiAnalysis modeling covered in the [full CXMT company explainer](/blog/what-is-cxmt/), in the low tens of thousands of wafers per month against far larger and more mature HBM lines at the incumbents. HBM is where the AI-driven memory profit is concentrated. CXMT is barely in it. ## What the price implies about DRAM supply A valuation like that is only coherent as a bet on commodity DRAM prices staying high for years, and on CXMT capturing a much larger share of a market that stays tight while it does. The first half of that bet is currently winning. The DDR4 spot price this site tracks on the [memory price tracker](/memory-prices/) reached $37.14 per 1Gx8 chip in the week of 7 July 2026 and a new high of $46.321 at the [TrendForce DRAMeXchange close for 6 October 2026](https://www.dramexchange.com/WeeklyResearch/Post/5/12857.html), against roughly $12 in November 2025\. CXMT’s own reported results ride the same wave: first-quarter 2026 revenue of 50.8 billion yuan, up more than 700% year over year, then first-half revenue of 150.31 billion yuan and net profit of 77.61 billion yuan in its first report as a listed company. The second half is where it gets strange, because CXMT is simultaneously the largest new source of commodity DRAM capacity in the world. Roughly 29.5 billion yuan of the raise is earmarked for production-line upgrades, DRAM process development and R&D. Every wafer that money eventually adds pushes toward the outcome that breaks the price environment the valuation depends on. The bull case and the bear case are funded by the same prospectus. That tension is the reason this listing matters to anyone who buys RAM rather than shares. The site’s [2027 memory shortage forecast](/blog/memory-shortage-2027-forecast/) and the question of [when RAM prices actually drop](/blog/when-will-ram-prices-drop/) both hinge on when large new supply lands and at what yield. A well-capitalized CXMT accelerates that supply. It does not accelerate it this quarter. Insight The IPO also drained the market it listed into. China’s subscription mechanics freeze application funds until allocations settle, and the STAR 50 index fell about 20% from its 1 July peak as investors sold existing holdings to fund CXMT orders, per CNBC’s pre-listing report. A record listing that pulls 57.9 billion yuan out of a bull market is not a pure vote of confidence in the sector. Part of the debut pop is money that had nowhere else to be. ## Can you actually buy CXMT stock? For almost everyone reading this outside mainland China, the answer is no, and the reason is structural rather than temporary. CXMT trades as an A-share on the STAR Market. STAR Market shares were brought into Northbound Stock Connect from 1 February 2021, but access was restricted: eligible investors for STAR-listed shares under Northbound trading are limited to **institutional professional investors**, while ordinary Shanghai-listed shares remain open to all Hong Kong and overseas investors including individuals. That restriction is set out in [HKEX’s announcement welcoming the inclusion of STAR Market stocks into Stock Connect](https://www.hkex.com.hk/News/News-Release/2021/210122news?sc%5Flang=en) and repeated in the [HKEX Stock Connect FAQ](https://www.hkex.com.hk/-/media/HKEX-Market/Mutual-Market/Stock-Connect/Getting-Started/Information-Booklet-and-FAQ/FAQ/FAQ%5FEn.pdf). An overseas retail brokerage account, however good its China Connect coverage, does not clear that bar. A separate rule governs mainland retail investors. STAR Market trading permission requires a daily average of not less than 500,000 yuan across a client’s securities and capital accounts over the preceding 20 trading days, plus at least 24 months of securities trading experience, under the Shanghai Stock Exchange’s investor suitability rules. Those two mechanisms are often conflated in coverage. They are different gates: one filters by investor category for cross-border access, the other by asset threshold for domestic access. The practical consequence is that the 466% move was produced by a pool of buyers most of the world was locked out of, which is worth remembering before reading the price as a global verdict on CXMT. ## The exposure people actually hold instead Since direct access is closed, attention flows to the listed memory complex. Micron, SK Hynix and Samsung are all publicly traded and all three are large DRAM suppliers, and there is at least one US-listed thematic vehicle in the space, the Roundhill Memory ETF (DRAM), which this site already tracks as a series on the [memory price tracker](/memory-prices/). Worth being precise about what those instruments are and are not. None of them is a CXMT proxy. Their exposure is to the memory cycle, and their relationship to CXMT specifically is competitive, not correlated: TradingKey’s read of the debut noted the bifurcated effect, where CXMT’s capacity expansion pressures commodity DRAM pricing and share, while the enthusiasm around the listing simultaneously reinforces the AI memory cycle narrative that supports the incumbents. Those two forces point in opposite directions for the same stocks. Not investment advice This post documents prices, market structure and access rules from primary and cited sources. It contains no recommendation to buy, sell or hold any security, and no price target. Nothing here accounts for any individual reader’s circumstances. See the site’s [disclaimer](/disclaimer/). ## The risks the debut price is not pricing Three of them are already documented, and none was resolved by the listing. The equipment ceiling is the hardest. Since 7 October 2022, [US Bureau of Industry and Security rules](https://www.bis.gov/press-release/commerce-implements-new-export-controls-advanced-computing-semiconductor-manufacturing-items-peoples) have required a license to export semiconductor manufacturing equipment capable of producing DRAM at an 18-nanometer half-pitch or below to facilities in China. CXMT’s advanced nodes sit inside that threshold. Capital raised on the STAR Market does not buy tools a Western supplier cannot ship. The sanctions status is contested rather than clean. Reuters reporting describes CXMT as designated a “Chinese military company” under NDAA Section 1260H, while its status on the separate and more consequential BIS Entity List has been reported inconsistently across outlets. The [company explainer](/blog/what-is-cxmt/) treats that specific question as open, and the debut changes nothing about it. In late August 2026 CXMT sued the US Department of Defense in federal court in Washington to be removed from the 1260H list, [as reported by Evertiq, citing Reuters](https://evertiq.com/news/2026-08-31-cxmt-sues-pentagon-over-chinese-military-company-designation); the suit does not address the Entity List. The HBM gap is the one that caps the upside. The memory-bottlenecked position of [China’s domestic AI accelerator makers](/blog/china-ai-chip-companies-2026/) is exactly the problem a domestic HBM supplier would solve, and CXMT is years from solving it. A DRAM champion that cannot yet feed the country’s AI accelerators is a commodity cycle story wearing an AI story’s valuation. ## The bottom line CXMT’s debut set records that are not in dispute: 57.92 billion yuan raised, a 466% first-day gain, 3.28 trillion yuan of market value, the most valuable listing in mainland China, the first A-share to clear 100 billion yuan of single-session turnover. What those records do not establish is that CXMT has closed any technology gap. Its profits came from a shortage, its valuation assumes the shortage persists, and its use of proceeds is aimed at the capacity that would eventually end it. For anyone tracking [why RAM is still expensive](/blog/why-is-ram-so-expensive-ai-memory-shortage/), the listing is a funding event on the supply side, not a supply event. The chips arrive later than the capital does. ## Frequently asked questions What is the CXMT stock ticker? CXMT (ChangXin Memory Technologies) trades on the Shanghai Stock Exchange STAR Market under the stock code 688825, quoted as 688825.SH. It listed on 27 July 2026\. There is no US-listed CXMT share class and no American depositary receipt. What was the CXMT IPO price and where did the stock close? CXMT was offered at 8.66 yuan per share, selling 6.688 billion shares to raise 57.92 billion yuan (about US$8.6 billion). On its first trading day, 27 July 2026, it opened at 49.50 yuan, reached 54.65 yuan intraday and closed at 49.00 yuan, a gain of 466% on the offer price. Can foreign investors buy CXMT stock? Overseas retail investors generally cannot. CXMT is a STAR Market A-share, and under Northbound Stock Connect, STAR Market shares are tradable only by institutional professional investors, per HKEX. Separately, mainland retail investors need a 20-day average of at least 500,000 yuan in their accounts plus 24 months of trading experience to trade STAR Market stocks at all. How big is CXMT compared with Micron and Samsung? By market value CXMT closed its debut at about US$485 billion, below Samsung, SK Hynix and Micron, each of which passed US$1 trillion in May 2026\. By DRAM market share CXMT is fourth at roughly 9%, against Samsung at about 36%, SK Hynix at about 29% and Micron at about 24%. Per point of market share held, CXMT is the most expensively valued of the four. Is CXMT now the most valuable company in China? By market capitalization among companies listed on mainland Chinese exchanges, yes as of its 27 July 2026 debut. Its 3.28 trillion yuan close overtook Industrial and Commercial Bank of China at about 2.6 trillion yuan. Chinese companies listed offshore, such as those with primary Hong Kong or US listings, are counted separately. ## Sources * South China Morning Post (2026, July 27). _China’s CXMT soars on STAR Market debut, valuing DRAM maker at US$489 billion_. * CNBC (2026, July 27). _Chipmaker CXMT’s 466% market debut surge makes it the most valuable China-listed company_. * Associated Press, via Euronews (2026, July 27). _China memory chipmaker CXMT’s shares soar in blockbuster listing_. * TechNode (2026, July 27). _CXMT becomes China’s most valuable A-share company after $8.6 billion IPO_. * Bloomberg (2026, July 16). _CXMT’s blockbuster IPO 212 times covered for retail investors_. * CNBC (2026, July 24). _CXMT is sparking fears of a cash drain before blockbuster IPO_. * Hong Kong Exchanges and Clearing (2021, January 22). _HKEX welcomes inclusion of STAR Market stocks into Stock Connect and further expansion of Southbound Stock Connect trading_ (exchange announcement). * Hong Kong Exchanges and Clearing (2026, March 2). _Stock Connect frequently asked questions_ (exchange documentation). * Fortune (2026, July 22). _Meet “Memi,” the $3 trillion memory boom powering small-caps, emerging markets, and Japan_. * TradingKey (2026, July 27). _CXMT surges over 500% in debut to top A-share market as Micron and other US chip stocks face new variables_ (market commentary). * US Department of Commerce, Bureau of Industry and Security (2022, October 7). _Commerce implements new export controls on advanced computing and semiconductor manufacturing items to the People’s Republic of China_. * TrendForce DRAMeXchange (2026, October 6). _DXI Market Report: Daily Express October 6, 2026_ (mainstream DDR4 1Gx8 3200MT/s average of US$46.321). * TrendForce (2026). _DRAMeXchange spot prices: mainstream DDR4 1Gx8 3200MT/s chip_ (earlier reading July 7 2026). * StockAnalysis (2026, September 24). _CXMT Corporation (SHA:688825) stock price history_ (market data aggregator). * TrendForce (2026, August 31). _CXMT Gross Margin Hits 87% in Q2 to Rival Memory Giants, as LPDDR6 Mass Production Reportedly Begins_ (industry-analyst news summary of the CXMT half-year report). * TrendForce (2026, September 23). _China’s A-Share Semiconductor Profit Jumps 607% YoY in 1H26; CXMT Tops Both Revenue and Profit Rankings_. * Evertiq, citing Reuters (2026, August 31). _CXMT sues Pentagon over Chinese military company designation_.