On July 27, the A-share market witnessed its most explosive IPO of the year with the debut of Cxmt Corporation (688825.SH), known as the "First Domestic Memory Stock." As the largest fundraising IPO on the STAR Market, this listing set multiple records: the first A-share stock to exceed a single-day turnover of 100 billion yuan, the first to surpass a market capitalization of 3 trillion yuan at market open, the new highest market cap on the STAR Market, and the title of the highest total market cap on the A-share market.
Among the various shareholders of Cxmt Corporation, the "banking sector" has drawn significant attention. In general, banking capital entered Cxmt Corporation through two main channels. One path involved indirect investment via financial asset investment companies (AICs) and other methods during the company's early and growth stages. The other path was through the active participation of wealth management subsidiaries in the IPO subscription process. Based on a rough calculation at the closing price on the first day, the "banking sector" capital is estimated to have generated a book profit of over 124 billion yuan. However, it is worth noting that this substantial paper gain remains primarily unrealized, and the actual realization of wealth will require navigating through market cycles.
Bank Syndicate Collectively Heavily Invests in a Scarce Asset
The "banking sector" constitutes a major shareholder group in Cxmt Corporation. According to the prospectus, eight banks have become strategic shareholders. In June 2023, when Cxmt Corporation was restructured into a joint-stock company, entities such as CMB Cloud Pavilion, ABC Investment, CCB International, and CCB Leader were already among its shareholders. CMB Cloud Pavilion is a private equity fund managed by CMB International, ABC Investment is the AIC of Agricultural Bank of China, and the executive partner of CCB Leader, CCB Equity Investment Management, along with CCB International, are both controlled by China Construction Bank.
In June 2024, during a capital increase and share expansion by Cxmt Corporation, the AICs of the five major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications—lined up to participate. ICBC's ICBC Financial Investment, Bank of China's BOC Asset Management, Bank of Communications' BOCOM Financial, China Construction Bank's CCB Investment, and Agricultural Bank of China's ABC Investment invested 1 billion yuan, 0.6 billion yuan, 0.6 billion yuan, 1.3 billion yuan, and 0.4 billion yuan respectively, at an average price of 2.63 yuan per share.
As of the prospectus signing date, Agricultural Bank of China, through its subsidiary ABC Investment, holds approximately 0.95% of the shares, making it the largest investor among the bank-affiliated AICs. China Construction Bank, through CCB Investment, holds about 0.83%. When combined with indirect holdings via CCB International and CCB Leader, its estimated total beneficial ownership is roughly 1.7%, the highest among the five major banks. Industrial and Commercial Bank of China, via its subsidiary ICBC Financial Investment, holds approximately 0.64%. Bank of Communications, through BOCOM Financial, holds about 0.38%, and Bank of China, through BOC Asset Management, holds around 0.38%. Additionally, Shanghai Pudong Development Bank and Huishang Bank also indirectly hold equity in Cxmt Corporation through fund investments.
Calculations by Guolian Minsheng Securities indicate that the total beneficial ownership of these eight banks (pre-IPO) is approximately 4.5%, representing around 2.7 billion shares. During the IPO phase, banks also actively subscribed through their wealth management subsidiaries. According to Cxmt Corporation's preliminary offline allotment and online lottery results, 29 wealth management products from five subsidiaries—including Minsheng Wealth Management, Ningbo Wealth Management, Industrial Wealth Management, Bank of Nanjing Wealth Management, and China Post Wealth Management—participated in the subscription. They applied for a total of 2.4779 billion shares and were ultimately allotted 4.544 million shares, with an allotment amount of 39.3514 million yuan. The products involved were mostly hybrid-type offerings. Among them, Ningbo Wealth Management had 19 products successfully shortlisted, applying for 1.3522 billion shares and receiving an allotment of 2.4797 million shares, worth 21.4742 million yuan. This positioned Ningbo Wealth Management as the leader among bank wealth management subsidiaries in terms of both the number of products shortlisted and the allotment amount.
Ningbo Wealth Management has consistently performed strongly in the IPO subscription arena. Data shows that as of July 2026, it has directly participated in 76 new stock subscriptions on the Shanghai and Shenzhen exchanges, successfully being shortlisted in 72 instances, a success rate of 95%. The average first-day increase for the stocks it has been allotted is 286%. Meanwhile, Industrial Wealth Management, China Post Wealth Management, Bank of Nanjing Wealth Management, and Minsheng Wealth Management had 4, 3, 2, and 1 products respectively that participated, with allotment amounts of 5.4154 million yuan, 9.7303 million yuan, 1.4928 million yuan, and 1.2387 million yuan.
Can Billions in Book Profit Survive Market Cycles?
Founded in 2016, Cxmt Corporation is China's only IDM enterprise capable of mass-producing DRAM. By shipment volume and sales revenue, it ranks first in China and fourth globally. The company projects its revenue for the first half of 2026 to be between 110 billion and 120 billion yuan, a year-on-year increase of 612.53% to 677.31%. Net profit attributable to the parent company is expected to reach 50 billion to 57 billion yuan, a surge of 2244.03% to 2544.19% year-on-year. This strategic scarcity is the core logic that numerous investors value.
On its debut day, Cxmt Corporation delivered a stunning performance. Its stock price opened at 49.5 yuan per share, a 471% increase, pushing its total market capitalization past the 3 trillion yuan mark. The price later briefly exceeded 55 yuan before closing at 49 yuan, a gain of 465.82%, corresponding to a total market cap exceeding 3.28 trillion yuan. With this valuation, Cxmt Corporation surpassed traditional financial giants like Agricultural Bank of China, Industrial and Commercial Bank of China, and China Construction Bank to become the highest-valued stock on the A-share market. Furthermore, its total turnover for the day reached 141.187 billion yuan, making it the first stock in A-share history to surpass a single-day turnover of 100 billion yuan.
Experts believe that the listing of the leading memory chip company on the capital market will not only provide it with valuable capital to expand production capacity and increase R&D investment but also enhance its international influence. This is expected to improve its market share in the global memory chip sector and solidify its leadership position in the DRAM market, reflecting the rapid development of China's domestic chip industry in recent years. This IPO bonanza has generated substantial book profits for the shareholders of Cxmt Corporation, with the "banking syndicate" reaping significant rewards. Calculated roughly at the closing price, the market value of the banks' holdings is around 133 billion yuan. Assuming the price of the last pre-IPO capital increase round of 2.63 yuan per share as the cost basis for the eight strategic bank shareholders, their pre-IPO book value was about 7 billion yuan. Based on the first-day closing price, the eight banks saw a total book profit of approximately 124.2 billion yuan. For the bank wealth management subsidiaries involved in the IPO subscription, with the allotted 4.544 million shares, the total realized gain at the closing price would be 183 million yuan.
In essence, this capital feast represents a concentrated revaluation of the long-term value of the domestic memory chip leader by the market. However, it is crucial to note that the massive paper profits are primarily unrealized book value, and the actual realization of these gains will require navigating through future market cycles.
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