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CXMT Tops 4.1 Trillion Yuan as AI, Memory Bets Drive Post-IPO Rally

Published: Aug. 18, 2026 1:42 a.m. GMT+8

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CXMT debuted on Shanghai’s STAR Market on July 27, opening at 49.5 yuan, or 471.6% above its issue price of 8.66 yuan. Photo: VCG

Shares of ChangXin Memory Technologies Co. Ltd. (CXMT) climbed to a record high Monday, lifting the memory chip maker’s market capitalization above 4.1 trillion yuan ($608 billion) just 16 trading days after its initial public offering.

The rapid ascent reflects strong investor appetite for China’s semiconductor sector, as domestic substitution efforts, rising demand for AI computing and a global memory chip shortage combine to attract large inflows of capital.

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CXMT shares hit record high; market cap above 4.1 trillion yuan 16 days after IPO.
China's only listed DRAM maker; factors cited include domestic substitution, AI demand, global memory shortage.
Strong institutional buying; net capital inflow 3.8 billion yuan; added to MSCI indexes.

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Who’s Who

ChangXin Memory Technologies Co. Ltd.: ChangXin Memory Technologies (CXMT) shares hit a record high, reaching a market cap above 4.1 trillion yuan. China's only listed DRAM producer, it debuted on Shanghai's STAR Market and overtook Tencent as the most valuable Chinese company. The rally is driven by strong semiconductor investor appetite from AI demand and domestic substitution.

Tencent Holdings Ltd.: According to the article, Tencent Holdings Ltd. was recently overtaken by ChangXin Memory Technologies (CXMT) as the most valuable Chinese company listed in the Chinese mainland and Hong Kong markets.

Micron Technology Inc.: In the article, Micron Technology Inc. is referenced as a global peer of ChangXin Memory Technologies (CXMT) in the DRAM market. Brokerages say CXMT’s status as China’s only listed domestic DRAM producer justifies a valuation premium over Micron.

Nomura: In the article, Nomura analyst Donnie Teng provided a bullish forecast on CXMT. He projected the company's revenue could reach 773.3 billion yuan by 2028, with net profit rising to 393.1 billion yuan, and set a target price of 116 yuan per share.

Huaxi Securities Co. Ltd.: Huaxi Securities Co. Ltd. forecasted that ChangXin Memory Technologies' market value could reach 5 trillion yuan by 2026.

JPMorgan Chase & Co.: JPMorgan Chase & Co. was cited in the article for its forecast that the global memory chip shortage could persist for another two years.

Industrial Securities Co. Ltd.: The article cites Industrial Securities Co. Ltd., reporting that a semiconductor equipment ETF drew 1.7 billion yuan in net inflows last week, underscoring strong investor interest in China's domestic computing theme.

E Fund Management Co. Ltd.: According to the article, E Fund Management Co. Ltd. was among ten mutual fund firms that filed applications on August 7 for ChiNext computing infrastructure index ETFs.

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