On July 27, the A-share market witnessed a historic opening. Cxmt Corporation (stock code: 688825) surged 465.82% on its first trading day, with trading volume exceeding 140 billion yuan shortly after 10 a.m. This marks the first individual stock in over three decades of A-share history to surpass 100 billion yuan in single-day turnover. The company's total market capitalization reached 3.27 trillion yuan.
Behind these figures lies the frenzy of retail investor participation in the IPO: an issue price of 8.66 yuan per share, 9.4288 million valid online subscription accounts, and a lottery rate of just 0.4714%. Winning one lot of 500 shares, based on the opening price, would yield a paper profit of over 20,000 yuan. If the over-allotment option is fully exercised, the total IPO proceeds will reach 66.607 billion yuan, setting a new record for the STAR Market and marking the largest single IPO in A-shares in nearly 16 years, since the Agricultural Bank of China listing in 2010. The broader market faced pressure, with the ChiNext and STAR indices dragged down. The core issue is not capital outflow, but rather resource stocks returning to the pricing table.
China's Company Secures the Fourth Global Position for the First Time
DRAM, or Dynamic Random Access Memory, is the dominant category in memory chips, accounting for 65% of the market. It is also one of the most barrier-ridden tracks in the global semiconductor industry. For a long time, this market has been dominated by just three players: Samsung, SK Hynix, and Micron, which collectively hold over 90% of the global market share. Chinese companies have been absent from this table for too many years.
In a deep report published on July 24 titled "Rising Chinese DRAM Leader to Fully Benefit from the High-Prosperity Storage Cycle," Fan Zhiyuan, chief analyst of the electronics industry at Essence Securities, cited data from Counterpoint Research. According to revenue figures for the first quarter of 2026, Cxmt Corporation's global market share has grown to 8%—ranking fourth globally and first domestically. Fan stated that the company, as one of the few mainland Chinese enterprises with independent DRAM manufacturing capabilities, is gradually reshaping the global competitive landscape through technological breakthroughs and capacity ramp-up.
The fourth position was not achieved overnight. Founded in 2016, the company introduced its self-designed and manufactured 8Gb DDR4 products in 2019, achieving a breakthrough from zero to one in mainland China's DRAM industry. Subsequently, through the tiered capacity expansion of three 12-inch fabs in Hefei Phase I, Hefei Phase II, and Beijing, its capacity utilization rate rose from 85.45% in 2022 to 96% in 2025. Today, Cxmt Corporation's product portfolio covers all mainstream specifications across DDR4, DDR5, LPDDR4X, and LPDDR5/5X generations. Its product lines for servers, mobile devices, and personal computers are now fully comparable to Samsung, SK Hynix, and Micron, and have entered the supply chains of leading customers such as Alibaba Cloud, ByteDance, Tencent, Xiaomi, OPPO, vivo, and Lenovo. The report specifically highlighted that the company's current fourth-generation process technology platform "has achieved international advanced technical capabilities such as low-leakage control bulk gate transistors and precision thin-film deposition," with core processes reaching international advanced levels.
A Price Surge of Around $80 Propels Cxmt Corporation into the Spotlight
If technical accumulation determined whether Cxmt Corporation could "get a seat at the table," then this storage cycle determines "how big a table it can sit at." From a spot price perspective, from March 2023 to the second half of 2024, prices for mainstream products like DDR4 16Gb and DDR5 16Gb fluctuated in a narrow range at low levels. Starting in the fourth quarter of 2025, the price of DDR4 16Gb took the lead in a sharp rise, approaching $80 by mid-2026. As upstream manufacturers shift production capacity to DDR5 and HBM, the supply gap for DDR4 has widened dramatically, while demand from AI servers and industrial control equipment remains rigid. Under this supply-demand imbalance, prices continue to climb with no signs of cooling in the short term.
Fan Zhiyuan believes that the start of every major storage cycle is driven by emerging technologies that promote product upgrades and innovation, thereby boosting the total volume, penetration rate, and value of memory per new product. With AI-driven demand increasing, we are standing at the beginning of a new storage cycle. He defines this recovery as a "super-cycle start signal superimposed with structural demand upgrades." According to the prospectus data, the global memory chip market is expected to grow to $571 billion by 2030, with a compound annual growth rate (CAGR) of 30.56% from 2025 to 2030.
In 2022, Cxmt Corporation's revenue was 8.287 billion yuan. By 2025, this figure had grown to 61.799 billion yuan, a year-on-year increase of 155.60%. In the first quarter of 2026 alone, revenue reached 50.8 billion yuan—nearly matching the entire year of 2025 in just one quarter. The company expects net profit attributable to the parent company for the first half of 2026 to be between 50 billion and 57 billion yuan, a year-on-year increase of 2244% to 2544%. Fan Zhiyuan projects that the company's revenue for 2026, 2027, and 2028 will be 302.492 billion yuan, 437.221 billion yuan, and 589.964 billion yuan, respectively, with net profit attributable to the parent company reaching 151.831 billion yuan, 252.181 billion yuan, and 351.035 billion yuan.
Today's market activity is also voting for this supply chain: upstream stocks in semiconductor equipment and materials collectively strengthened, with Zhitong Technology (rights protection) and Yake Technology hitting their daily limits, while Zhongwei Company and North Huachuang turned positive during the session. A supply chain centered on domestic DRAM is being re-priced.
The Excitement is for Cxmt Corporation, While the Siphoning and Differentiation Affect the Sector
After a market capitalization of 3.27 trillion yuan, caution is needed. Huang Cendong, an analyst from the Wealth Management Committee Platform Consulting Department of Essence Securities, cautioned that the current technology sector is experiencing increased volatility. The listing of Cxmt Corporation has a short-term capital siphoning effect, with some funds shifting to participate in the new stock game. The higher the opening price, the greater the siphoning effect, putting more pressure on previously hyped storage-themed small-cap stocks. However, he also pointed out that as a core domestic DRAM target, the listing of Cxmt Corporation benefits the upstream equipment and material tracks for storage, which will boost confidence in the domestic substitution theme.
As uncertainty resolves, sentiment is expected to stabilize gradually, leading to a sector valuation reconfiguration: capital will concentrate on hardcore leaders with core production capacity, while the valuation premium for concept stocks lacking technological barriers will shrink. In the medium to long term, this helps rationalize the pricing logic of the semiconductor industry, but it is difficult to immediately reverse the sector's high volatility pattern in the short term.
Regarding the conditions for sector stabilization, Huang Cendong believes multiple factors need to converge: the completion of deleveraging in the South Korean capital market, the verification of industry demand through mid-year reports from leading companies, the stabilization of external liquidity expectations, and the emergence of sustained incremental capital inflows. After stabilization, the market is likely to diverge, with funds further concentrating on leading companies with hardcore technology and earnings certainty.
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