CXMT launch hits $460B market cap, up 471%

July 27, 2026 is a day worth marking for China's semiconductor industry.

Domestic DRAM leader CXMT (688825) officially listed on Shanghai's STAR Market today, opening at 49.50 RMB against an 8.66 RMB issue price – a gain of roughly 471%. That put its opening market cap at about 3.31 trillion RMB, making it the most valuable stock on the A-share market. First-hour turnover topped 100 billion RMB, setting a new A-share single-day record for one stock and marking one of the most closely watched IPOs in STAR Market history.

If new energy was the A-share market's dominant theme these past few years, today the market said it plainly, in real money: AI infrastructure is the new core asset.

Who is CXMT?

ChangXin Memory Technologies (CXMT) is mainland China's largest DRAM manufacturer and one of the few companies anywhere capable of independent DRAM R&D and mass production.

Its global share still trails the big three – Samsung, SK Hynix, and Micron – but it's now the flagship of China's memory industry and a core link in the domestic supply chain. As AI training, inference, and data centers drive demand for high-performance memory, DRAM has shifted from a PC component into a key piece of AI infrastructure.

Why the market gives it a 3-trillion-RMB valuation

See the 3.3-trillion-RMB market cap and the first reaction is usually: isn't that too expensive? It's not that simple.

The market isn't pricing CXMT's current earnings – it's pricing the strategic position of China's memory industry through the AI cycle. AI has kept DRAM and HBM in shortage for two years, pushing the sector into an upcycle, while China's push for self-sufficient supply chains adds a growth premium. Investors aren't buying a traditional chip company. They're buying a long-dated option on China's AI memory future.

Real disagreement beneath the frenzy

Sentiment isn't uniformly bullish. At the issue price, CXMT was worth around 579.2 billion RMB; on debut it jumped to roughly 3.31 trillion – a several-fold expansion in one session. Some read that as years of growth priced in early. Others note the company still trails global leaders in high-end AI memory like HBM. Whether it delivers against the valuation depends on a few variables:

• Whether the DRAM upcycle holds

• The ramp of DDR5 products

• R&D progress on HBM and other high-end memory

• Global semiconductor competition and equipment supply

What it means for the perps market

For traders in CXMT perps, today's official listing marks a new phase. Perps essentially reflect the market's expectations of pre-listing valuation, and the debut day's real trading price, volume, and sentiment give a much clearer reference for ongoing price discovery.

That said, there are no price limits during the first five trading days after listing, and the small share of total supply in initial circulation means price swings could remain large. Bitget Wallet supports CXMT perps with up to 5x leverage, so pay close attention to market risk.

Longer term, the real story behind today's records isn't the 3.3-trillion-RMB number itself. It's that capital markets are redefining the value of AI infrastructure. GPUs, HBM, DRAM, advanced packaging, and compute networks are becoming the most closely watched foundational assets of this tech cycle – and CXMT has become one of China's most important representatives in that shift.