ChangXin Memory Technologies, China's largest maker of DRAM, listed on Shanghai's STAR Market on Monday morning and finished the session as the most valuable company on any mainland Chinese exchange.
The numbers, in the order they happened
The IPO priced at 8.66 yuan. Shares opened at 49.50, touched 54.65 intraday, and closed at 49.00 — a gain of 466% — valuing the company at 3.28 trillion yuan, roughly $484.6 billion. That is above Intel. Turnover exceeded 140 billion yuan, the first time a mainland-listed stock has cleared 100 billion in a single day.
Which percentage you are reading
Three different gains are circulating and all of them are real: 472% at the open, 531% at the midday break, 466% at the close. Reports quoting the midday figure alongside a closing market cap are mixing two snapshots. The same applies to the valuation — 3.66 trillion yuan was the midday number.
Most valuable, with an asterisk
The superlative holds only for companies listed on the mainland. Hong Kong-listed Tencent is larger. "China's most valuable company" without the qualifier is wrong.
This is a commodity DRAM story, not an HBM one
Of the money raised, 29.5 billion yuan is earmarked for production-line upgrades and conventional DRAM research. CXMT is working on high-bandwidth memory, but the proceeds and the capacity are pointed at ordinary DRAM — the part of the market where an AI-driven shortage has pushed DDR4 prices up roughly 80% in six months.
What a 7.6% player is being priced for
First-quarter revenue was 50.8 billion yuan, up more than 700% year on year. Samsung, SK hynix and Micron still hold 89.7% of the market between them. The valuation is not a claim about today's share; it is a bet on how much capital Beijing will put behind breaking that trio.