Cambricon Technologies Corp. Ltd. Class A (688256.SH) Soars on AI Chip Rally and Heavy Margin Buying

Cambricon Technologies Corp. Ltd. Class A (“Cambricon”, ticker 688256.SH) extended its powerful rebound on Thursday, November 27, 2025, as Chinese AI chip and semiconductor stocks rallied again and leveraged money poured into the name ahead of a pivotal shareholder meeting in Beijing.

Cambricon Technologies stock price today (688256.SH)

On Thursday’s session in Shanghai, Cambricon’s Class A shares closed at CNY 1,344.99, up 2.31% from Wednesday’s close of CNY 1,314.66. Intraday, the stock opened at CNY 1,363.33, traded as high as CNY 1,388.20 and as low as CNY 1,322.30, with about 7.39 million shares changing hands – implying turnover of roughly CNY 10 billion for the day. ^[1]

The move builds on Wednesday’s 4.34% gain, lifting Cambricon nearly 6.8% higher in just two sessions from Tuesday’s CNY 1,260.00 close. ^[2]

From a longer-term perspective:

Over the past 12 months, Cambricon is up about 146%, firmly among China’s best‑performing large‑cap tech names. ^[3]
The stock’s 52‑week range runs from CNY 476.80 (November 26, 2024) to a record CNY 1,595.88 (August 28, 2025), when it briefly overtook Kweichow Moutai to become the priciest A‑share by absolute price. ^[4]
Before today’s advance, Cambricon traded on a trailing P/E ratio of about 280x, with a market cap around CNY 532 billion; at current prices, that implies an equity value in the high‑CNY 500 billion range and a multiple edging toward 300x earnings. ^[5]

Intra‑day data show how hot the stock has been: around 10:03 a.m. local time, Cambricon was up 5.4% at CNY 1,385.68, with turnover already CNY 5.8 billion and an indicated market value of roughly CNY 584 billion. ^[6] Later, real‑time flashes from Chinese financial wires reported turnover breaking the CNY 10 billion mark, with the shares still more than 2% higher on the day. ^[7]

AI chip rally and sector tailwinds boost Cambricon

Cambricon’s jump on November 27 did not occur in isolation. Chinese semiconductor and AI hardware names broadly outperformed after another wave of optimism around memory‑chip price increases and AI infrastructure spending.

A morning note from Chinese outlet Jiemian highlighted that, by 10:00 a.m., the STAR Market Chip Index was up about 3.35%, with component stocks Haiguang Information and Zhongke Lanxun up more than 8%. Cambricon itself was quoted up 5.47% at that point, one of the key drivers of the index’s surge. ^[8]

Regional markets echoed the move. In a midday summary of Asia trading, Indonesian broker Indopremier noted that Chinese tech and AI‑linked stocks led the advance, calling out Cambricon as gaining around 4.5% alongside other notable movers in optical and data‑center hardware. ^[9]

Global macro and policy context are also in play. Recent reporting from Asia Financial described how speculation around potential US clearance for Nvidia’s powerful H200 AI chip to be sold into China generated volatile trading in Chinese semiconductor names, including Cambricon, earlier this week. On that earlier session, Cambricon dropped intraday before closing more than 1% higher, underscoring just how sensitive the name has become to US‑China tech policy headlines. ^[10]

Taken together, today’s move looks like:

A continuation of sector‑wide rotation into AI hardware amid hopes for supportive Chinese policy at upcoming economic meetings; and
A reaffirmation of Cambricon’s status as a high‑beta proxy for China’s push to build a domestic AI chip stack.

Leverage builds: margin financing floods into Cambricon

One of today’s most important data points for Cambricon is not only price, but who is buying.

Fresh margin‑trading statistics for November 26, published this morning by East Money’s DataBao desk, show that: ^[11]

Overall A‑share margin balances climbed to about CNY 2.45 trillion, up nearly CNY 60 billion in a single day.
Among more than 1,700 stocks with net margin buying on November 26, 26 names recorded net inflows above CNY 1 billion.
Within this group, Cambricon stood out with a net financing buy of roughly CNY 725 million, pushing its latest margin balance to around CNY 15 billion, roughly 2.7% of its free‑float market value.

A separate ranking of STAR Market margin inflows, published by financial portal Stockstar, likewise placed Cambricon at the top of the board’s financing net‑buy list for November 26. ^[12]

Heavy use of leverage amplifies both upside and downside. For Cambricon, these flows underline three themes:

Speculative intensity – margin traders are treating Cambricon as a core vehicle for betting on China’s AI chip build‑out.
Crowded positioning risk – high financing balances increase the risk of forced selling if the stock turns lower.
Short‑term price support – as long as sentiment remains bullish, margin inflows can help cushion dips and fuel squeezes.

Mutual funds are riding the rally too

Domestic mutual funds are also deeply involved. A report from Sina Finance’s fund channel this morning highlighted that four funds managed by Xingyin Fund Management collectively hold about 36,600 Cambricon shares. With the stock up 5.4% at CNY 1,385.68 during the morning session, those positions were sitting on an unrealised gain of about CNY 2.6 million for the day. ^[13]

The same article reiterated Cambricon’s business profile: headquartered in Beijing’s Haidian district and listed in July 2020, the company derives the vast majority of its revenue from cloud‑side AI chips and accelerator boards. Cloud products contribute roughly 99.6% of main‑business revenue, with edge devices and IP licensing still small but strategically important. ^[14]

Growing participation from institutional funds suggests that Cambricon is no longer just a retail‑driven story. However, given the stock’s extreme volatility, the presence of fast‑moving leveraged traders and performance‑chasing funds may exacerbate swings both higher and lower.

Key corporate event today: Extraordinary General Meeting in Beijing

Beyond the trading fireworks, November 27, 2025 is also a key governance date for Cambricon.

According to official notices filed with the Shanghai Stock Exchange and republished by multiple Chinese financial outlets, Cambricon is holding its First Extraordinary General Meeting (EGM) of 2025 at 15:00 in Beijing, at the Park Plaza Beijing Science Park hotel in Haidian district. ^[15]

The agenda is unusually consequential and includes four major items:

Cancelling the supervisory board and amending the Articles of Association
- Under China’s revised Company Law and new governance guidelines for STAR Market issuers, Cambricon plans to abolish its traditional supervisory board and transfer its oversight functions to the board’s audit committee. ^[16]
- The EGM will vote on increasing registered capital and updating the company’s charter to reflect the new governance structure.
Comprehensive updates to internal governance rules
The meeting materials publish a suite of revised policies, including:
- Rules of Procedure for Shareholders’ Meetings
- Rules of Procedure for the Board of Directors
- Independent Director Work System
- Related‑Party Transaction Management System
- Code of Conduct for Controlling Shareholders and Actual Controllers ^[17]
Election of the third board of directors (non‑independent directors)
Proposals 3.01–3.05 nominate several core executives – including founder‑CEO Chen Tianshi and senior managers such as Jin Xiaoguang, Liu Xinyu, Liu Shaoli and Ye Haoyin – as non‑independent directors for the new board term. ^[18]
Election of new independent directors
A separate resolution proposes three independent directors, including academics such as Liu Siyì, an accounting professor and PhD supervisor at the University of International Business and Economics, who currently holds no company shares and has no related‑party ties with the controlling shareholders or management. ^[19]

From a governance perspective, today’s meeting should:

Align Cambricon’s structure with new regulatory expectations for STAR Market companies.
Concentrate oversight in a more powerful audit committee, potentially making the board more accountable for risk management.
Refresh independent oversight by bringing in external experts with financial and academic backgrounds.

Investors will be watching closely for the EGM voting results, which are likely to be published after the meeting in follow‑up announcements.

Capital management: new fundraising accounts and subsidiary injections

In the run‑up to today’s meeting, Cambricon has also taken several steps to tighten control over fresh capital and support its operating subsidiaries:

On November 22, 2025, the company announced it had set up dedicated bank accounts for raised funds and signed supervision agreements with partner banks. The notice confirms that new funds raised in late September have been verified by an audit firm and are now fully in place. ^[20]
A MarketScreener corporate actions summary notes that Shanghai Cambricon Information Technology Co., Ltd. expects to receive CNY 1 billion in funding from the listed parent, while Cambricon (Xi’an) Integrated Circuits Co., Ltd. will receive CNY 80 million. ^[21]

These capital injections underline management’s intention to scale out data‑center and edge‑chip operations, while the supervised fundraising accounts are meant to reassure regulators and investors that proceeds will be used strictly for approved investment projects.

Fundamentals: from deep losses to explosive profitability

Underpinning Cambricon’s market frenzy is a dramatic turnaround in fundamentals.

First‑half 2025: revenue up over 40x, return to profit

Cambricon’s semi‑annual report for 2025, released on August 26, stunned the market: ^[22]

Revenue for the first half reached roughly CNY 2.88 billion–2.88 billion (around USD 400 million), a year‑on‑year increase of about 4,348%.
Net profit attributable to shareholders climbed to around CNY 1.0 billion, compared with a net loss in the same period a year earlier.
Non‑recurring‑items‑adjusted net profit came in at approximately CNY 913 million, marking the company’s first profitable first half since listing.
R&D spending reached about CNY 456.5 million, or roughly 16% of revenue, with R&D staff accounting for roughly 80% of total headcount. ^[23]

Media coverage from Caixin, TechNode and other outlets emphasised that this growth is being driven by surging demand for domestic AI accelerators as Chinese cloud providers and internet platforms scramble to replace Nvidia GPUs restricted by US export controls. ^[24]

Nine‑month 2025 performance: momentum continues

MarketScreener’s digest of company announcements notes that by October 20, Cambricon reported that January–September operating income had grown roughly 14‑fold year on year, and the company had returned to profit for the first three quarters combined. ^[25]

This trajectory has fuelled a narrative – echoed by outlets such as AInvest and FT’s China tech coverage – that Cambricon is emerging as a credible domestic rival to Nvidia in China’s AI compute stack, particularly on the software‑developer ecosystem side. ^[26]

Valuation check: priced for perfection?

Despite impressive revenue and profit growth, Cambricon’s valuation remains stretched by almost any conventional metric:

At Wednesday’s close, the stock traded on a trailing P/E of roughly 280x and a market cap of about CNY 532 billion. ^[27]
Using today’s closing price and the same earnings base, the effective multiple rises close to 300x.
The stock still sits not far below its all‑time high of CNY 1,595.88 and remains more than 145% higher than a year ago, despite bouts of sharp profit‑taking. ^[28]

Earlier this year, local media dubbed Cambricon China’s new “stock king” when its share price briefly overtook Kweichow Moutai’s, and analysts at FT and other outlets have warned that the broader AI‑driven rally in Asian tech stocks carries bubble‑like characteristics. ^[29]

For investors, this means that:

Execution risk is high – the company will need to sustain blistering revenue growth and healthy margins to justify current prices.
Policy and competitive shocks matter – any changes in US export controls, domestic procurement rules, power subsidies for data centers, or competition from Huawei and other local chipmakers could quickly reset expectations.

What to watch after today

Looking beyond November 27, key catalysts for Cambricon Technologies Corp. Ltd. Class A include:

EGM resolutions and post‑meeting announcements
- Confirmation that shareholders approved the cancellation of the supervisory board, revisions to the Articles of Association and the board reshuffle will be critical for understanding the company’s future governance and oversight structure.
Updates on capital deployment
- Investors will track how quickly funds placed in supervised fundraising accounts and injected into subsidiaries like Shanghai Cambricon and Cambricon Xi’an translate into new AI chip products and revenue.
Fourth‑quarter and full‑year 2025 results
- With the bar now set extremely high, any deceleration in growth or margin pressure could be punished, especially given leveraged positioning.
Sector policy and global competition
- Developments around Nvidia’s ability to sell advanced chips into China, Chinese subsidies for AI data‑center power, and new domestic AI accelerators will continue to swing sentiment around Cambricon as a strategic national champion vs. speculative high‑flyer.

Bottom line

On November 27, 2025, Cambricon Technologies Corp. Ltd. Class A remains one of the purest – and riskiest – ways to trade China’s AI chip ambitions.

Today’s 2.3% gain, backed by billions in daily turnover, surging margin financing, and broad AI‑chip sector strength, shows that investors are still betting heavily on Cambricon’s ability to convert its spectacular 2025 profit turnaround into durable, long‑term growth.

At the same time, an overhaul of the company’s governance architecture and the concentration of oversight power in its board and audit committee mark an important new phase in how this flagship AI chipmaker will be run. Today’s EGM outcomes – and how management executes on its capital‑deployment and product‑roadmap promises – will be crucial in determining whether Cambricon lives up to its billing as “China’s Nvidia challenger” or remains a symbol of the AI‑driven speculative fever gripping parts of the mainland market.

Cambrian, the First Domestic AI Chip Stock