Surges 471%! CXMT Becomes the Largest Company by Market Cap on the A-Share Market! [CSOP ETF Market Flash]

On July 27,$CXMT Corporation (688825.SH)$ on$Star (LIST0995.SH)$ it officially listed on the exchange. The call auction reached a high of RMB 50 per share, and it opened at RMB 49.5—surging 471.59% from its IPO price of RMB 8.66—sending its total market cap soaring to RMB 3.31 trillion, surpassing ICBC to become the largest company by market capitalization on the A-share market. At this price, an investor who received one lot (500 shares) would see an unrealized gain of RMB 20,420.

Within less than an hour of the market opening, trading volume exceeded RMB 100 billion, making it the first stock in A-share history to surpass RMB 100 billion in single-day turnover., surpassing East Money's record high of RMB 90 billion set in 2024. The exceptionally high trading volume placed significant stress on market data and trading systems, with numerous investors reporting difficulties placing or canceling orders after the market opened. Branch managers at several brokerages confirmed that this rare system lag stemmed from the unprecedented trading volume of this newly listed stock.

CXMT (Changxin Technology) was founded in 2016 and is headquartered in Hefei, Anhui Province. It is China’s leading DRAM memory chip manufacturer. In 2019, its predecessor, RuiLi Integrated Circuit, mass-produced mainland China’s first domestically developed 8Gb DDR4 chip, marking a breakthrough from zero to one in domestic memory manufacturing. According to Omdia data, CXMT is China’s largest and the world’s fourth-largest DRAM manufacturer, holding a global market share of 7.67% in Q4 2025. The current global memory landscape$Samsung Electronics (005930.KR)$ 、 $SK Hynix (000660.KR)$ 、$Micron Technology (MU.US)$ accounts for a combined market share of over 90%, with shares of 33.96%, 34.48%, and 23.41% respectively. CXMT’s rapid rise is accelerating China’s progress toward semiconductor self-reliance and supply chain security.

Institutional investors are broadly optimistic about CXMT’s long-term value. Huaxi Securities noted that CXMT’s listing fills a critical gap in the A-share market by providing a pure-play DRAM manufacturing leader. Its stable market capitalization range is estimated between RMB 2 trillion and RMB 3 trillion, potentially reaching RMB 4 trillion under an optimistic scenario. Nomura Securities is even more bullish, initiating coverage with a 'Buy' rating and a target price of RMB 116—implying a potential upside of 1,239.5% and a corresponding target market cap of approximately RMB 7.76 trillion.

CXMT’s explosive debut marks a pivotal signal for the revaluation of hard-tech industries on the STAR Market and the upgrading of China’s semiconductor localization supply chain.With CXMT now serving as a new industry benchmark post-listing, attention is turning to its supply chain partners who stand to benefit most, driving sustained tailwinds for high-end manufacturing and memory chip sectors on the STAR Market and reinforcing robust long-term growth fundamentals. Investors may consider $CSOP STAR 50 INDEX ETF (03109.HK)$ , closely following the upward trajectory of core assets.

Source: Wall Street News, July 27, 2026

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