Changxin Memory Tech Surges Over 455% on STAR Market Debut, Market Cap Exceeds RMB 3.5 Trillion
Changxin Memory Technology (CXMT) surged over 455% on its STAR Market debut on July 27, reaching a market capitalization of more than RMB 3.5 trillion. Alibaba, which invested about RMB 7.6 billion for a nearly 5% stake, saw its holding valued at over RMB 170 billion. The listing highlights Alibaba's strategic shift toward AI investments, having deployed around RMB 36 billion across 29 AI companies by July 2026, while divesting non-core assets.
On July 27, Changxin Memory Technology (CXMT) listed on the STAR Market, opening with a gain of over 455% and reaching a market capitalization of more than RMB 3.5 trillion. CXMT completed nine rounds of financing from its angel round in 2018 to June 2025, and had 60 institutional shareholders as of the prospectus signing date. Alibaba, through its two entities Alibaba Cloud Computing and Alibaba Network, invested a total of approximately RMB 7.6 billion in CXMT, holding a combined stake of nearly 5%, making it the largest industrial investor. Based on CXMT's market capitalization on its debut day, the value of Alibaba's stake exceeded RMB 170 billion.
Alibaba's investment style in the AI sector has shifted. In the autumn of 2023, Jack Ma stated on the internal network that "Alibaba will change," and subsequently Wu Yongming took over as group CEO, establishing a strategy of "user first, AI-driven." In the first nine months of fiscal 2024, Alibaba sold assets including Liren Liren and Guangxian Media for $1.7 billion, later sold Intime Department Store for RMB 7.4 billion, and divested all of its stake in Gaoxin Retail. Meanwhile, funds were redirected to the technology sector. In 2023, Alibaba invested in Zhipu AI, Baichuan Intelligence, and Lingyi Wanwu; in 2024, it led investments in Moonshot AI and Minimax. As of July 2026, Alibaba had invested in 29 AI companies, with total investments of approximately RMB 36 billion, covering the entire AI industry chain.
Alibaba no longer seeks strong control over its portfolio companies. When investing in Moonshot AI, Alibaba acquired a 36% equity stake for $800 million but did not obtain decision-making rights over strategy, organization, or appointments. Alibaba has appeared on the shareholder lists of the same companies alongside Tencent, Meituan, and Xiaomi. The timing of investments has also moved earlier; for example, when Alibaba bet on Baichuan Intelligence's A1 round in October 2023, the latter had just received its first public chatbot license. Alibaba's first investment in CXMT came at the end of 2021, when the memory industry was in a downcycle.
Alibaba is expanding its connection to the AI industry through investments. In terms of underlying capabilities, Alibaba has built a "full-stack capability" from self-developed chips and cloud operating systems to the Tongyi large model and AI developer platform. Alibaba Cloud Intelligence Group's external commercial revenue accelerated to 40% in the final quarter of fiscal 2026, with AI-related revenue accounting for 30%.
Alibaba has invested in a number of industry chain companies, including semiconductor firms such as CXMT, Montage Technology, Aojie Technology, Xizhi Technology, and Hanbo, as well as application and embodied AI companies like Keling, Yushu Technology, and Xingdong Epoch. In the five large-model companies in which it holds stakes, Alibaba has provided an investment package of "cash plus Alibaba Cloud computing credits." These companies are both potential competitors to Tongyi Qianwen and computing power customers of Alibaba Cloud.