SHANGHAI, July 27, 2026, 16:20 CST — Market closed as CXMT SHA:688825 shares climbed 466%, with analysts pointing to rising DRAM profits as central to its valuation.
- CXMT ended the session at 49 yuan, rising 465.82%, bringing the chipmaker’s market value to 3.28 trillion yuan.
- The freely tradable portion stood at just 6.73%. Trading volume amounted to roughly 66.5% of this estimated free float.
- Initial first-half profit suggests an annualized multiple of 28.7–32.8 times. Based on 2025 earnings, the figure is about 1,748 times.
CXMT Corp SHA:688825 ended the session in Shanghai at 49 yuan. Shares jumped 465.82% compared to the offer price of 8.66 yuan.
CXMT’s market capitalization climbed to approximately 3.28 trillion yuan, or $484 billion, becoming the biggest publicly traded company on China’s mainland.
The chip manufacturer overtook Industrial and Commercial Bank of China SHA:601398, which had held the top market position. Monday’s surge boosted CXMT’s offer valuation by roughly 2.70 trillion yuan.
The present DRAM cycle is now key to the investment case following that gain. Past earnings provide little justification for Monday’s closing price.
CXMT is currently valued at about 1,748 times its audited 2025 attributable profit. If preliminary first-half 2026 earnings are annualised, the multiple falls to between 28.7 and 32.8 times.
| Valuation lens | P/E multiple |
|---|---|
| CXMT, audited 2025 attributable profit | Roughly 1,748x |
| CXMT, annualized preliminary H1 2026 profit | 28.7–32.8x |
| SK Hynix KRX:000660, 2025 trailing | 30.64x |
| Samsung Electronics KRX:005930, 2025 trailing | 33.62x |
| Micron Technology NASDAQ:MU, 2025 trailing | 62.27x |
CXMT figures reflect Monday’s closing price and the pre-greenshoe number of shares. Peer company ratios are based on prices from July 13, as stated in the IPO notice. These metrics are meant as guidelines and should not be seen as exact comparisons.
Nevertheless, the comparison highlights buyers’ expectations on Monday. For CXMT to mirror established global peers, the company will need to maintain its significant earnings growth.
The company projects first-half revenue between 110 billion and 120 billion yuan. Initial attributable profit is estimated at 50 billion to 57 billion yuan. These figures are unaudited and have not been reviewed.
That is up from attributable profit of only 1.87 billion yuan recorded over the whole of 2025. CXMT attributed the growth to increased DRAM prices, greater production, and a stronger product portfolio.
The small proportion of shares available further dampens Monday’s valuation signal. Just 6.73% of the expanded share base was available for public trading at the time of listing.
Trading volume was 2.991 billion shares, representing roughly 66.5% of the projected free float using the post-offer shares outstanding.
Total turnover topped 140 billion yuan, accounting for over 6.7% of total trading across Shanghai and Shenzhen. The Shanghai Composite climbed 1.15%, and the STAR Composite advanced 2.49%.
TrendForce analyst Ellie Wong stated that “the memory market remains tight with price increases expected to continue through the end of 2027.” She also noted that efforts by customers to find additional suppliers may provide chances for CXMT. Reuters
Achieving large scale is still the greater challenge. In 2025, Samsung, SK Hynix and Micron together accounted for over 90% of worldwide DRAM sales. CXMT captured a 7.67% market share in the fourth quarter.
The initial public offering brought in 57.92 billion yuan, marking it as the biggest semiconductor IPO in mainland China. If the overallotment option is exercised in full, total proceeds may climb to 66.61 billion yuan.
Before trading commenced, demand was strong. The pricing notice indicated valid institutional orders were approximately 463 times the initial offline quota.
Risks are still centered on the memory cycle. CXMT cautioned that reduced AI expenditure or surplus competitor production might lower demand. The company’s prospectus notes that the DRAM market is extremely cyclical and responsive to price changes.
In the coming days, investors will gauge if trading volumes persist following the initial launch. Results from major U.S. tech firms could further influence sentiment regarding AI investment.
The real assessment arrives when audited figures take the place of initial estimates. Day one showed interest, but not endurance.
