Changxin Technology Closes at 49 Yuan on Debut, Market Cap Reaches 3.28 Trillion Yuan

Changxin Technology began trading on July 27. The stock opened at 49.5 yuan, fell to an intraday low of 38.11 yuan, then rallied to 55.03 yuan before closing at 49 yuan. Based on the closing price, the company's market capitalization stood at 3.28 trillion yuan, compared with an issuance valuation of about 579.2 billion yuan. The first-day turnover rate was 66.4%.

The memory chip sector has recently experienced sharp volatility. From September 2024 to early July 2026, the sector rose more than 320%, with some listed companies such as Jiangbo Long and Deming Li seeing their share prices increase by about 11 times and 21 times, respectively. However, since July, the sector has undergone a significant correction. The semiconductor sub-index fell 43.33% from its July 1 high, and memory chip stocks Deming Li and Baiwei Storage lost more than 50%, while Jiangbo Long nearly halved.

In the global memory market, Samsung Electronics and SK Hynix, as major suppliers, have a dynamic price-to-earnings ratio of about 6 to 7 times based on their most recent half-year profit estimates. Domestic memory listed companies generally trade at dynamic P/E ratios of 8 to 10 times. Memory chip capacity expansion is a heavy-asset, long-cycle investment, typically taking 1.5 to 3 years from the decision to expand to the launch of new products. This gives the market a cyclical pattern of price increases, capacity expansion, oversupply, and price declines.