$puppies Open at the bell and instantly reign supreme!
China’s chip giant, ChangXin Memory Technologies (CXMT), today listed on the A-share market. On its first day, it surged by 472%, and its market cap immediately hit 3.3 trillion RMB—what does that mean? In an instant, it took the top spot as the “No. 1” on the A-share market.
As the world’s fourth-largest DRAM maker, it came with an IPO financing amount of $9.8 billion (the second-highest in history, only behind the Agricultural Bank IPO back then), issued at a price-to-book multiple of 2.4x—1.6 times cheaper than SK hynix and Micron by nearly 60%, and discounted by 77% compared with Semiconductor Manufacturing International Corporation (SMIC). So what happened? Retail investors went wild, with a staggering 212x oversubscription. Subscription orders totaled 7 trillion RMB—10 times the retail order volume of a SpaceX IPO.
Hefei ChangXin carries more than just the “make-or-break” point for domestic memory replacement. It is also the “only hope” for high-bandwidth memory for AI. Policy backing, a valuation trough, and retail investor faith—three-tier nuclear-level catalysts.
But the question is: can a valuation of 3.3 trillion truly support the ambition of “China’s storage brilliance,” or is it just another capital spectacle built purely from emotion? #WTI原油期货跌8% #长鑫存储上市首日涨472% #美股期货上涨迎巨头财报与美联储会议
In the comments, bet a pack of spicy noodles—will tomorrow be a continued limit-up, or will it bury people? 👇
China’s chip giant, ChangXin Memory Technologies (CXMT), today listed on the A-share market. On its first day, it surged by 472%, and its market cap immediately hit 3.3 trillion RMB—what does that mean? In an instant, it took the top spot as the “No. 1” on the A-share market.
As the world’s fourth-largest DRAM maker, it came with an IPO financing amount of $9.8 billion (the second-highest in history, only behind the Agricultural Bank IPO back then), issued at a price-to-book multiple of 2.4x—1.6 times cheaper than SK hynix and Micron by nearly 60%, and discounted by 77% compared with Semiconductor Manufacturing International Corporation (SMIC). So what happened? Retail investors went wild, with a staggering 212x oversubscription. Subscription orders totaled 7 trillion RMB—10 times the retail order volume of a SpaceX IPO.
Hefei ChangXin carries more than just the “make-or-break” point for domestic memory replacement. It is also the “only hope” for high-bandwidth memory for AI. Policy backing, a valuation trough, and retail investor faith—three-tier nuclear-level catalysts.
But the question is: can a valuation of 3.3 trillion truly support the ambition of “China’s storage brilliance,” or is it just another capital spectacle built purely from emotion? #WTI原油期货跌8% #长鑫存储上市首日涨472% #美股期货上涨迎巨头财报与美联储会议
In the comments, bet a pack of spicy noodles—will tomorrow be a continued limit-up, or will it bury people? 👇
