ChangXin Technology Surges 465.82% on STAR Market Debut, Market Cap Hits RMB3.28 Trillion
ChangXin Technology debuted on the STAR Market on July 27, surging 465.82% to close at 49 yuan, giving a market capitalization of approximately 3.28 trillion yuan and surpassing Industrial and Commercial Bank of China as the largest A-share stock by market value. Full-day turnover reached a record 141.187 billion yuan. In the first quarter of 2026, the company posted revenue of 50.8 billion yuan and net profit of 33.012 billion yuan. The IPO raised about 57.919 billion yuan. ChangXin held a 7.67% global DRAM revenue share in the fourth quarter of 2025 and is the world's fourth-largest DRAM maker.
ChangXin Technology made its debut on the STAR Market on July 27. It was priced at 8.66 yuan per share and closed at 49 yuan, a first-day gain of 465.82%. At the closing price, total market capitalization reached roughly 3.28 trillion yuan, exceeding that of Industrial and Commercial Bank of China and making it the most valuable A-share company that day. Full-day turnover was about 141.187 billion yuan, a new single-day record for an individual A-share stock.
In the first quarter of 2026, ChangXin recorded operating revenue of 50.800 billion yuan and net profit of 33.012 billion yuan, of which net profit attributable to parent company shareholders was 24.762 billion yuan. As of the end of 2025, the company had accumulated undistributed losses of 36.650 billion yuan.
Micron Technology proposed in 2021 to invest more than US$150 billion globally in manufacturing and R&D over the next decade. After passage of the CHIPS and Science Act in 2022, Micron announced plans to invest US$40 billion this decade to build advanced memory manufacturing capacity in the United States. In 2025, Micron expanded its US manufacturing and R&D investment plan to approximately US$200 billion. First concrete was poured in July at the Clay, New York site, more than a quarter ahead of schedule. The US government previously awarded Micron roughly US$6.1 billion in direct CHIPS Act grants for projects in Idaho and New York. Micron announced in 2025 that it had accumulated its 60,000th patent.
ChangXin’s early DRAM technology accumulation has ties to Qimonda. In 2015, WiLAN subsidiary Polaris acquired about 7,000 Qimonda patents and patent applications from Infineon for roughly €30 million. In 2019, ChangXin signed a license agreement and a separate patent acquisition agreement with Polaris covering some Qimonda DRAM patents. Qimonda pioneered the buried wordline architecture around 2008 and filed for bankruptcy in 2009. In 2016, Hefei launched the “506” project; the original plan called for a total initial investment of about 18 billion yuan, with Hefei contributing about 14.4 billion yuan.
In the first quarter of 2026, traditional DRAM contract prices rose 93% to 98% sequentially. DDR5 spot prices climbed from approximately US$4.68 to US$34.08.
According to the prospectus, ChangXin held a 7.67% share of global DRAM revenue in the fourth quarter of 2025. SemiAnalysis estimates that in the first quarter of 2026, ChangXin’s average DRAM selling price was only 5% to 10% below that of the three major incumbents.
The prospectus did not disclose specific HBM3 yield rates, mass production timing, or customer validation results. Samsung and SK Hynix have each announced providing customers with HBM4E samples.
Apple is seeking US government approval to purchase some DRAM from ChangXin, a move first reported by the Financial Times citing sources; neither Apple nor the US government has publicly confirmed the discussions.
Between 2015 and 2025, DRAM product prices reached a high of US$7.89 per gigabyte and a low of US$1.78 per gigabyte, a roughly 4.4-fold difference. Qimonda filed for bankruptcy in 2009, and Elpida filed for bankruptcy protection in 2012.
SemiAnalysis estimates that ChangXin’s bit shipments grew only 11% sequentially in the first quarter of 2026, while average selling price jumped approximately 57%.
China’s integrated circuit imports rose 10.1% year-on-year to about US$424.333 billion in 2025. The prospectus shows that ChangXin typically requires full prepayment from general distributor customers.
South Korean media recently cited industry sources saying ChangXin is exploring bonded DRAM, which involves manufacturing the memory array and peripheral control circuits separately and then connecting them three-dimensionally via wafer bonding. This has not been publicly confirmed by ChangXin.
ChangXin’s initial offering was about 6.688 billion shares at 8.66 yuan per share, raising gross proceeds of roughly 57.919 billion yuan. The prospectus originally planned to use 29.5 billion yuan of net proceeds for three projects: 7.5 billion yuan for production line technology upgrades, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for advanced DRAM technology research and development.
ChangXin is the world’s fourth-largest DRAM manufacturer, based in mainland China, with large-scale production capacity and the ability to continue expanding.