ChangXin Memory Technologies Surges 465.82% on STAR Market Debut, Market Cap Hits RMB 3.28 Trillion to Top
ChangXin Memory Technologies, China’s largest DRAM maker, soared 465.82% from its IPO price on its Shanghai STAR Market debut, boosting its market capitalisation to RMB 3.28 trillion and overtaking ICBC as the largest A-share stock. Turnover exceeded RMB 140 billion, making it the first A-share stock to break RMB 100 billion in single-day trading. The same day, U. S. memory chip stocks fell sharply: SanDisk dropped about 11%, while SK Hynix ADR sank 7.5% to close below its IPO price for the first time. ChangXin’s IPO raised approximately RMB 57.9 billion ($8.6 billion), a record for Asia this year.
ChangXin Memory Technologies rose 465.82% from its IPO price on its first day of trading on the Shanghai STAR Market, giving it a total market value of RMB 3.28 trillion and surpassing Industrial and Commercial Bank of China as the largest stock by market capitalisation on the A-share market. Turnover exceeded RMB 140 billion, making it the first A-share stock in history to register a single-day turnover above RMB 100 billion. On the same day, U. S. memory chip stocks declined broadly. SanDisk fell more than 10% intraday and closed about 11% lower, marking a cumulative decline of 47% from its record high set on June 22. SK Hynix ADR dropped approximately 10% during the session and closed down 7.5%, closing below its IPO price for the first time since its U. listing on July 10, and trading 4% below that level. Western Digital, Seagate Technology and Micron closed down 4.2%, 4.1% and 2.3%, respectively. The Philadelphia Semiconductor Index finished 2.2% lower.
Founded in 2016, ChangXin Memory Technologies is China’s largest DRAM chip manufacturer. Its products span consumer electronics, PCs, servers and automotive electronics, and the company is continuously advancing R&D for new products such as DDR5. The IPO raised approximately RMB 57.9 billion (about $8.6 billion), setting a new record for Asia’s largest IPO this year. The company’s current product portfolio remains focused on traditional DRAM segments such as DDR4 and DDR5. Due to U. export restrictions, ChangXin Memory Technologies still faces high technical hurdles in entering the premium HBM market in the near term.
Driven by AI server demand, HBM has become one of the world’s most sought-after semiconductor products. Micron and SK Hynix supply virtually all of the HBM for AI chip manufacturers such as Nvidia.