ChangXin Technology Lists on STAR Market with Valuation of 3.61 Trillion, Surpassing Intel

On 7 27, CXMT Technology listed on the STAR Market, with its stock price surging over 530% during trading and reaching a market cap of 3.61 trillion yuan. This ranked it first among A-share stocks, surpassing Intel's closing market cap of 4656 billion USD (approximately 3.15 trillion yuan) on 7 24. N-CXMT now trades up 526% at 54.4 yuan, with trading volume exceeding 1200 billion yuan. In its first hour of trading, this decade-old domestic storage giant shattered multiple A-share records. 1: The first tech stock in A-shares to open with a market cap exceeding 3 trillion yuan, with an initial total market cap of approximately 3.31 trillion yuan. After opening at 49.5 yuan, CXMT Technology reached a total market cap of 3.31 trillion yuan, overtaking ICBC to become the largest company by market cap in A-shares. This marks the first time in A-share history that a tech stock breached the 3 trillion yuan milestone during its opening phase. For comparison, CXMT Technology had a total share capital of 668.81 billion shares post-IPO (before the exercise of the overallotment option). Based on the offering price of 8.66 yuan per share, the total offering market cap was 5791.88 billion yuan. However, breaking through 3.3 trillion yuan immediately upon listing implies the market valued the company at 5.7 times its offering market cap in an instant. 2: Topped the A-share market cap leaderboard immediately after listing, surpassing SMIC as the highest-valued company on the STAR Market. CXMT Technology not only led all A-share listed companies by market cap but also surpassed SMIC, previously the STAR Market's leader, to become the highest-valued company since the board's inception. In terms of industry standing, CXMT Technology is China's largest, most technologically advanced, and most comprehensively laid-out DRAM R&D, design, and manufacturing integrated enterprise. Its production capacity ranks first in China and fourth globally. Globally, only Samsung, SK Hynix, Micron, and CXMT possess full IDM capabilities for DRAM. 3: The first individual stock in A-shares to exceed 100 billion yuan in daily trading volume, with over 1000 billion yuan traded in the first hour of listing. Trading volume for CXMT Technology surged continuously after the opening. By 9:49, trading volume reached 745.68 billion yuan, setting a new record for A-share stocks on their first day of listing. At 10:04, it surpassed 900 billion yuan to hit 900.86 billion yuan, breaking the previous single-day individual stock trading volume record of 900.38 billion yuan set by East Money on 2024 10 9. Within the first hour alone, trading volume exceeded 1000 billion yuan, making it the first A-share stock to cross the 100 billion yuan daily threshold. As of press time, the full-day trading volume reached 1085.03 billion yuan, with potential to further break historical records. 1000: The first new issue in A-shares combining "over 100 billion yuan in trading volume" with a turnover rate exceeding 50%, showing unprecedented trading activity. As of press time, N-CXMT's turnover rate reached 53.72%, with a circulating market cap of approximately 2246 billion yuan. This means that out of the 45.03 billion unrestricted shares available at launch, more than half were turned over within the first hour. Such a combination of massive trading volume and extremely high turnover has never been seen before on the first day of an A-share IPO. Some investors reported system lagging, inability to place orders, or cancel orders. A securities branch manager admitted, "We've never seen a new stock with such high trading volume." CXMT Technology also broke records during the subscription phase. According to announcement data, the number of valid online subscription accounts reached 942.88 million households, with valid subscription shares totaling 8169.2 billion. The preliminary effective subscription multiplier was 243.93 times, far exceeding the 100-time threshold for triggering the reallocation mechanism. Upon activating the reallocation, 50210.25 million shares were transferred from the offline to the online allocation, increasing the final online issuance to 385110.35 million shares. This resulted in an online winning rate of 0.4714%, setting a new high for recent STAR Market IPOs and ranking among the highest winning rates for any A-share IPO this year. The initial IPO size for CXMT Technology was 66.88 billion shares. If the overallotment option is fully exercised, the total issued shares will expand to 76.91 billion shares, raising a total of 666.07 billion yuan. This surpasses the 532.30 billion yuan record set by SMIC in 2020, becoming the largest IPO in STAR Market history and placing it among the top three largest IPO fundraising volumes in A-share history.