CXMT extends rally after record STAR Market debut, MSCI inclusion set for Aug. 10

ChangXin Memory Technologies extended its post-listing surge on July 29, with intraday gains exceeding 11%, turnover topping 31 billion yuan and market capitalization rising to about 3.5 trillion yuan, as the newly listed DRAM maker continued to reshape China’s A-share market. The stock debuted on the Shanghai Stock Exchange’s STAR Market on July 27, opening at 8.66 yuan and ending its first session at 49 yuan, up 465.82%, after raising about 57.9 billion yuan before any over-allotment exercise. That made it the largest A-share IPO this year and the biggest in STAR Market history, while first-day turnover of 141.19 billion yuan set a new record for single-stock daily trading in the A-share market. After falling 4.08% to 47 yuan on July 28 following sharp intraday swings, the shares rebounded the next day, helping lift other memory-related stocks including Puya Semiconductor, Montage Technology, Biwin Storage, Netac Technology and Infotmic. MSCI said on July 28 that CXMT would join the MSCI China All Shares Index on Aug. 10 under its large-cap IPO inclusion rules, a move that could draw passive foreign inflows. The listing has also created large paper gains for strategic investors, including supply-chain and downstream companies that each received allocations of 18.24 million shares worth 158 million yuan in the IPO. CXMT’s strong reception reflects its scarcity value as a domestic memory-chip leader focused on DRAM products including DDR4, DDR5, LPDDR4X and LPDDR5/5X, though commentary in Economic Daily cautioned that investors should weigh both its strategic importance and the semiconductor cycle.