CXMT Surges 470% on STAR Market Debut, YMTC Starts IPO Process

ChangXin Memory Technologies (CXMT) officially listed on the Shanghai Stock Exchange's STAR Market on July 27, 2026. The stock opened at RMB 49.5 per share, up 471.59% from the issue price of RMB 8.66, pushing the company's total market value above RMB 3.31 trillion. During intraday trading, the share price rose more than 530%, with market value touching RMB 3.6 trillion, surpassing ICBC to become the most valuable company on the A-share market and overtaking SMIC to top the STAR Market by market capitalization. On the first trading day, turnover exceeded RMB 100 billion, with a turnover rate above 53%. Investors who were allocated shares earned more than RMB 20,000 per lot.

Before listing, CXMT had 60 institutional shareholders, including Hefei state-owned capital, Alibaba, Tencent, Xiaomi, and Meituan. Hefei state-owned capital, the largest shareholder, invested RMB 14.4 billion a decade ago; based on the opening price, its holdings were valued at nearly RMB 1 trillion. Alibaba's affiliates held approximately 5% of shares, valued at nearly RMB 150 billion, with an early investment of about RMB 7.6 billion. Liang Wenfeng's Ningbo High-Flyer Quant and Zhejiang Jiuzhang Asset Management together received 20.2497 million shares, with an allocation amount of about RMB 175 million and a paper gain of RMB 827 million. The company implemented two employee stock ownership plans: the first plan granted shares at RMB 1.05 per share, covering 3,596 participants; the second plan granted shares at RMB 0.108 per share, covering 3,164 participants. Chairman Zhu Yiming committed to transferring his 768 million shares to active employees free of charge within ten years after the 36-month lock-up period expires. Based on the issue price, those shares are worth nearly RMB 6.65 billion; based on the opening price, they exceed RMB 38 billion. As of the end of 2025, the company had 19,298 employees.

In December 2024, a Country Garden Ventures affiliate transferred its 1.56% stake at RMB 2.22 per share.

Yangtze Memory Technologies (YMTC) officially filed for IPO guidance on May 19, 2026, with CITIC Securities and CITIC Construction Investment serving as joint guidance institutions, deploying a 31-person team. YMTC focuses on 3D NAND flash memory, distinct from CXMT's DRAM memory business.

YMTC has achieved mass production of 3D NAND with 232 layers and above, including 294-layer products in 2025 and 300-layer products in 2026, with yields exceeding 90%. Its self-developed Xtacking architecture has broken overseas technology monopolies. In terms of financial performance, revenue for the first three quarters of 2025 was approximately RMB 32.08 billion, up 97.8% year-on-year; in the first quarter of 2026, revenue exceeded RMB 20 billion, doubling year-on-year. Its global NAND market share rose from 8.1% in the third quarter of 2025 to 13% in the first quarter of 2026.

YMTC has no controlling shareholder. Its major shareholders include Hubei Changsheng Development (26.54%), Wuhan Xinfei Technology (25.35%), and the National Integrated Circuit Industry Investment Fund Phase I and II (combined approximately 23%), with state-owned capital holding more than 58% on a look-through basis. In the Hurun Global Unicorn Index 2026, YMTC ranked 32nd with a valuation of RMB 150 billion.