CXMT Surges 465.82% on STAR Market Debut, Q1 2026 Revenue Hits RMB 50.8 Billion

On July 27, CXMT debuted on the STAR Market. The issue price was RMB 8.66, closing at RMB 49, a first-day gain of 465.82%. Based on the closing price, the total market value reached approximately RMB 3.28 trillion, surpassing ICBC to become the largest A-share company by market value that day. Full-day turnover was approximately RMB 141.19 billion, setting a single-day record for A-share individual stocks.

In Q1 2026, CXMT reported revenue of RMB 50.8 billion and net profit of RMB 33.01 billion, with net profit attributable to parent shareholders at RMB 24.76 billion. As of the end of 2025, the company had accumulated undistributed losses of RMB 36.65 billion.

Micron announced in 2021 plans to invest over USD 150 billion in global manufacturing and R&D over the next decade. After the CHIPS and Science Act passed in 2022, Micron committed USD 40 billion to build advanced memory manufacturing in the U. S. within this decade. In 2025, Micron expanded its U. manufacturing and R&D investment plan to approximately USD 200 billion. The first concrete pour at Clay, New York, was completed in July, more than a quarter ahead of schedule. The U. government previously awarded Micron approximately USD 6.1 billion in direct CHIPS Act funding for its Idaho and New York projects. In 2025, Micron announced it had reached 60,000 cumulative patents.

CXMT's early DRAM technology accumulation is linked to Qimonda. In 2015, Polaris, under WiLAN, acquired approximately 7,000 Qimonda patents and patent applications from Infineon for about EUR 30 million. In 2019, CXMT signed a license agreement and a separate patent purchase agreement with Polaris covering certain Qimonda DRAM patents. Qimonda pioneered the buried wordline architecture around 2008 and filed for bankruptcy in 2009. In 2016, Hefei launched the "506" project, with an initial phase total investment of approximately RMB 18 billion, of which Hefei contributed about RMB 14.4 billion.

In Q1 2026, traditional DRAM contract prices rose 93% to 98% quarter-on-quarter. DDR5 spot prices increased from approximately USD 4.68 to USD 34.08.

The prospectus disclosed that CXMT's global DRAM revenue share in Q4 2025 was 7.67%. SemiAnalysis estimates that in Q1 2026, CXMT's average selling price was only about 5% to 10% lower than the top three players.

CXMT's prospectus did not disclose specific HBM3 yield, mass production timeline, or customer validation results. Samsung and SK Hynix have each announced they are providing HBM4E samples to customers.

Apple is seeking U. government approval to purchase some DRAM from CXMT, a report initially attributed to the Financial Times citing sources. Neither Apple nor the U. government has publicly confirmed.

Between 2015 and 2025, DRAM product prices peaked at USD 7.89 per GB and bottomed at USD 1.78 per GB, a peak-to-trough difference of about 4.4 times. Qimonda filed for bankruptcy in 2009, and Elpida filed for bankruptcy protection in 2012.

SemiAnalysis estimates that in Q1 2026, CXMT's bit shipments grew only 11% quarter-on-quarter, while average selling prices rose about 57% quarter-on-quarter.

In 2025, China's integrated circuit imports reached approximately USD 424.33 billion, up 10.1% year-on-year. The prospectus shows that CXMT typically requires full prepayment from general distributor customers.

South Korean media recently cited industry sources saying CXMT is exploring Bonded DRAM, which involves manufacturing the memory array and peripheral control circuits separately, then using wafer bonding for 3D connection. This has not been publicly confirmed by CXMT.

CXMT's initial offering comprised approximately 6.688 billion shares at RMB 8.66 per share, raising about RMB 57.92 billion in gross proceeds. The prospectus originally planned to use RMB 29.5 billion in net proceeds for three projects: RMB 7.5 billion for production line technology upgrades, RMB 13 billion for DRAM technology upgrades, and RMB 9 billion for forward-looking DRAM R&D.

CXMT is the world's fourth-largest DRAM manufacturer, based in mainland China, with scalable capacity and continuous expansion capability.