CXMT jumps in Shanghai debut after record IPO before sharp reversal

ChangXin Memory Technologies, or CXMT, surged on its July 27 Shanghai STAR Market debut after raising 57.92 billion yuan in its IPO, or as much as 66.61 billion yuan including the greenshoe option, before reversing sharply later in the session. Shares closed at 49.0 yuan, up 466% from the 8.66 yuan IPO price, after rising as much as 535% intraday to 55.03 yuan and briefly valuing the Chinese DRAM maker at nearly $490 billion by some estimates. The listing also became an early real-world test for crypto’s emerging pre-IPO futures market. Hyperliquid had been pricing CXMT near its eventual opening valuation for more than a week, with the stock opening at a market capitalization roughly 2.5% above that implied by the blockchain contracts. The result suggested those offshore crypto-linked instruments tracked the company’s debut more closely than many expected. Founded in 2016 and based in Hefei, CXMT is described as the world’s fourth-largest DRAM maker and a key part of China’s push to reduce reliance on Samsung Electronics, SK Hynix and Micron Technology. The company supplies customers including Alibaba, ByteDance, Lenovo, Oppo, Tencent, Vivo and Xiaomi, while separate reporting said it was reportedly set to supply Apple for devices sold in China. The Financial Times also reported that Apple had been lobbying the Trump administration for a waiver to buy CXMT memory chips despite the company’s placement on a Pentagon blacklist for alleged ties to the Chinese military. Investors have tied the listing to Beijing’s support for domestic chipmaking, a tightening global memory market driven by AI demand, and now to growing interest in whether crypto-based pre-IPO markets can provide usable price discovery ahead of major listings. Analysts say further gains will depend on whether CXMT can sustain profitability and expand into higher-value products such as high-bandwidth memory, where Korean and U.S. competitors still dominate.