Cxmt Corporation (688825) had a spectacular debut on the stock market today, closing with a gain of 465.82% and a turnover rate exceeding 66%. Its total market capitalization reached 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China to become the largest company on the A-share market. This valuation is equivalent to two Kweichow Moutai Co.,Ltd. (600519), which closed today with a market cap of 1.61 trillion yuan.
The stock's total trading volume exceeded 140 billion yuan, setting a new record as the first A-share stock to surpass 100 billion yuan in single-day turnover. The IPO for Cxmt is the largest in Asia for 2026 and has broken records for Chinese semiconductor companies, surpassing the 7.5 billion USD raised by Semiconductor Manufacturing International Corporation (SMIC) in 2020. It also ranks as the second-largest IPO in A-share history, behind only Agricultural Bank of China's 10 billion USD listing in 2010.
According to its prospectus, Cxmt is the largest and most technologically advanced integrated DRAM developer and manufacturer in China. Since its founding in 2016, the company has focused on the research, development, design, production, and sale of DRAM products. Employing a "skip-generation" R&D strategy, it has moved from mass production on its first-generation technology platform to its fourth, covering products from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X. Its core products and technology have reached internationally advanced levels.
Data from market research firm Counterpoint shows that in the first quarter of 2026, based on revenue, the global DRAM market share was: Samsung Electronics at 38%, SK Hynix at 29%, Micron at 22%, and Cxmt’s share rose to 8%. This is a significant jump from its 3% share in the first quarter of last year. Cxmt plans to use the IPO proceeds to expand production lines and iteratively upgrade its core DRAM technology.
Nomura has initiated coverage on Cxmt Corporation with a "Buy" rating and a target price of 116 yuan, representing a potential upside of over 12 times from its IPO price of 8.66 yuan. This corresponds to a target market capitalization of 7.76 trillion yuan. Nomura's analysis highlights Cxmt's long-term investment value, focusing on the structural memory supply gap driven by AI. The brokerage believes that as global AI-driven demand for memory grows exponentially while supply remains constrained, Cxmt, as China's largest DRAM manufacturer, holds a "crown jewel" position with unstoppable market share expansion.
Where to start
Brain-computer interface (BCI) stocks surged collectively. AiPeng Medical hit its daily 20% limit up. Other notable gainers included Chengdu Huawei, Beiershe (under restructuring), and Sanbo Brain Science, all rising over 10%. Companies like Sailisi Medical (under restructuring), Innovative Medical (under restructuring), and Nanjing Panda (under restructuring) hit their daily limit up.
The catalyst was a report that US startup Science Corp has received approval to sell a retinal chip in the European Union. This chip is designed to help patients with "geographic atrophy" (GA) restore partial vision. This marks the first time a US BCI company has brought such a device to a broad patient market, a significant milestone towards commercialization, with a long-term goal of bringing brain-implanted devices to market.
Domestically, Chinese research teams have unveiled a new brain signal acquisition device. For the first time globally, it enables synchronous brain signal collection from thousands of people across different regions, marking a key step forward in neural model training and general BCI technology development. This technology will continuously accumulate data for training foundational neural models, meaning AI's learning materials will no longer be limited to indirect information like text, images, or video but will directly understand human cognitive states through neural signals.
Everbright Securities noted a flurry of supportive policies for BCI. The State Council's "National Health 15th Five-Year Plan" explicitly calls for strengthening technological breakthroughs in BCI. The Ministry of Civil Affairs and 13 other departments jointly released a plan to strengthen and expand key BCI industries. Local governments are also acting: Guangdong province aims to add 100 new BCI technology enterprises by 2030, create over 10 non-invasive blockbuster products, build 200 BCI hospital wards, and achieve a core industry scale of tens of billions of yuan. On July 2nd, the Guangdong-Hong Kong-Macao Greater Bay Area BCI Industry Innovation Alliance was officially established in Guangzhou.
Why just 10 ASX 200 shares?
The oil and gas sector weakened significantly. Zhongman Petroleum fell to its daily limit down. Tongyuan Petroleum, Keli Co., and others dropped over 15%. Stocks like Qianneng Hengxin, New Tide Energy (under restructuring), Lanyan Holdings, BOMEC, and China Oilfield Services also followed the decline.
Following a pause in mutual attacks between the US and Iran, WTI crude oil futures dropped over 6% in late trading. Concurrently, easing market concerns boosted New York stock index futures, while international gold and silver futures prices rose notably. Since the 7th of this month, the US has conducted continuous military strikes against Iran, which had driven a significant rise in international crude oil futures.
According to a report from Axios on July 25th, US President Donald Trump ordered the US military not to launch a strike against Iran on July 24th, breaking a streak of 13 consecutive days of US airstrikes against Iran. The Iranian military stated that it had also paused its retaliatory actions due to the US cessation of strikes, causing a significant pullback in geopolitical risk premiums.
CICC Futures believe that after threatening to resume large-scale operations against Iran, President Trump once again backed down, as many had predicted. After 13 consecutive days of airstrikes, Trump called off the strikes against Iran, and Iran's reciprocal actions also stopped, bringing temporary peace to the Gulf region. Trump explained the halt as "leaving more room for diplomatic negotiations." However, reports suggest the US military in the Middle East is facing ammunition shortages, unable to maintain precision-guided munition supplies, as their usage rate exceeds the resupply rate. From a military perspective, analysts believe that if the US military becomes embroiled in a two-front conflict in the Persian Gulf and Red Sea against Iran and the Houthis, it would further drain its already stretched resources, making Trump's military adventure difficult to end gracefully. Multiple negotiating representatives from the US, Iran, and mediating parties have engaged in contacts at various levels recently, and Trump is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu. The geopolitical situation for oil has temporarily cooled, but the situation's further development needs to be observed.
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