CXMT’s 466% Debut on a 6.73% Float
China’s most valuable mainland-listed company opened with 4.5bn of its 66.9bn shares free to trade. The first major supply test arrives in July 2027.
Editor’s Note: FlashPoint is our premium quick-strike column on market-moving China tech events. Today: CXMT’s 466% debut, and the offering structure behind it. In July last year, I traced how Hefei incubated the company. In January, I asked whether China’s chip listings were breakouts or bailouts. Now the largest has priced. The scoreboard reads better than the exit.
ChangXin Memory Technologies, China’s leading DRAM manufacturer, closed its first Shanghai session on July 27 at Rmb 49.00, up 465.82% from an issue price of Rmb 8.66. Market value reached Rmb 3.28tn, about $485bn, passing Industrial and Commercial Bank of China, the country’s largest lender, to make CXMT the most valuable company listed on the mainland. The base offering raised Rmb 57.92bn ($8.6bn), the largest yet on Shanghai’s tech-focused STAR Market. The number that turned a rerating into a record was 6.73%.
That is the portion of CXMT’s 66.88bn shares outstanding that could trade at the open: 4.50bn. The rest sat under lock-ups running six months to three years. The issue price came in about 2.1% below both the median and the weighted average of valid institutional bids, according to Caixin, one of China’s most respected financial publications. FT Lex reads that discount as habitual A-share conservatism, and no filing points to a price cap here. The discount set the starting point; the thin float set the mark for every share outstanding. The exit is narrow and timed.
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