Changxin Technology went public today, surging 471% at the open, directly becoming the new king of A-shares. At 9:30 this morning, Changxin Technology rang the bell on the STAR Market. The opening price was 49.5 yuan, up 471% from the issue price of 8.66 yuan, with total market value briefly hitting 3.31 trillion yuan, knocking ICBC off the top spot in A-share market value. It closed at 47.89 yuan, up 453%, with full-day turnover of 90.1 billion yuan, setting a new single-day record for A-share individual stocks.

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Changxin Technology went public today, surging 471% at the open, directly becoming the new king of A-shares. At 9:30 this morning, Changxin Technology rang the bell on the STAR Market. The opening pri

CXMT Listed Today, Soaring 471% at Open to Become the New King of A-Shares

At 9:30 this morning, CXMT (ChangXin Memory Technologies) rang the bell on the STAR Market. The opening price was 49.5 yuan, up 471% from the IPO price of 8.66 yuan, and its total market value briefly surged to 3.31 trillion yuan, knocking ICBC off the top spot in A-share market value.

It closed at 47.89 yuan, up 453%, with full-day turnover of 90.1 billion yuan, setting a new record for single-day trading volume of an individual A-share stock. Based on the closing price, each allotment yielded a paper profit of approximately 19,600 yuan.

This is no ordinary first-day surge for a new stock. This is the largest IPO in the history of the STAR Market and the third-largest in A-share history, trailing only Agricultural Bank of China and PetroChina.

Speaking of which, many people may not yet know who CXMT is. Simply put, it's China's largest memory chip manufacturer, making DRAM—the chip responsible for temporary data storage in computers and phones. Only four companies in the world can make DRAM: Samsung, SK Hynix, Micron, and CXMT. CXMT ranks fourth globally with a 7.67% market share.

Founded in 2016 and headquartered in Hefei, the company's founder Zhu Yiming is a chip veteran who graduated from Tsinghua University. Starting from scratch, the company had already mass-produced its full lineup of DDR4, DDR5, and LPDDR5X products by 2025, with customers including Alibaba Cloud, ByteDance, Tencent, Lenovo, and Xiaomi.

CXMT's earnings trajectory can only be described as a "roller-coaster comeback." It lost 16.3 billion yuan in 2023, 7.1 billion yuan in 2024, and just turned profitable in 2025 (1.875 billion yuan). But by 2026, with AI computing demand exploding, the three major memory manufacturers shifted their capacity toward HBM, squeezing general-purpose DRAM supply and sending prices soaring—CXMT happened to catch the perfect tailwind.

In Q1, revenue hit 50.8 billion yuan, up 719% year-over-year, with net profit of 24.762 billion yuan. The company expects H1 revenue of 110 to 120 billion yuan and net profit of 50 to 57 billion yuan, up more than 22-fold year-over-year. At this pace, CXMT's H1 earnings alone will wipe out all its cumulative losses since inception.

The subscription frenzy for this IPO also set historical records. Online valid subscription accounts reached 9.4288 million, with a lottery win rate of 0.47%, a new high for the STAR Market. The abandonment rate was just 0.17%, meaning virtually everyone who won an allotment paid up—very few walked away.

The strategic placement list was equally impressive—the National Social Security Fund subscribed for 7.5 billion yuan, China Life and Taikang Life each invested 100 million yuan, and 18 semiconductor supply chain companies including Piotech, AMEC, and Tongfu Microelectronics each subscribed for 158 million yuan.

The most talked-about name on the list: DeepSeek founder Liang Wenfeng, who through his High-Flyer Quant and Jiuzhang Asset vehicles, had 194 private fund products allocated 20.2497 million shares, with a placement value of approximately 175 million yuan—the largest private fund allocation. At the opening price, that's already a paper gain of over 800 million yuan. This AI titan's confidence in domestic chips is clearly more than just talk.

However, behind that 3.3 trillion yuan market cap, there's an easily overlooked number—only 4.503 billion shares are tradable on the first day, representing just 6.63% of total share capital. In other words, over 93% of shares are under lock-up, and there aren't many freely tradable chips on the market. Low float means scarce supply, which also means price swings could be violent—especially since there are no price limits for the first five trading days.

CXMT's valuation is built on the peak of the AI-driven memory demand cycle. But memory chips are a highly cyclical industry—profits explode when prices rise and can get crushed when they fall. Technologically, CXMT still lags behind Samsung, SK Hynix, and Micron in HBM (High Bandwidth Memory), and U.S. export controls limit its access to the most advanced equipment.

But one thing is certain: CXMT's listing fills the void of a DRAM manufacturing pure-play in A-shares. China's semiconductor supply chain finally has a true memory manufacturing leader.

How long can this "king of the hill" seat last? What do you think?