China's CXMT lists in Shanghai and jumps 466% on debut, a new rival for DRAM supply

Changxin Memory Technologies (CXMT), a Chinese DRAM maker, began trading on Shanghai's STAR Market on July 27, 2026 at an IPO price of 8.66 yuan. The stock closed at 49 yuan, up 465.82%, and the company said expected total proceeds exceed 66 billion yuan including the over-allotment option. The listing gives a large Chinese rival fresh capital, which traders watch as a long-run risk to DRAM prices.

• IPO price: 8.66 yuan; first-day close: 49 yuan (up 465.82%)
• Expected total proceeds above 66 billion yuan
• Ticker 688825 on Shanghai's STAR Market
• Listing is a supply-side watch item for SK hynix's DRAM business