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CXMT's 'Chip' Heartbeat: Digital Undercurrents Behind a Market Cap Frenzy

Truth SeekerJul 272026/07/27 56 views

This analogy might be rough, but please allow me to try: ChangXin Memory Technologies' debut on the STAR Market today was like an atomic bomb dropped into still water, creating a mushroom cloud with a diameter of 3.31 trillion yuan. The stock surged 471.59% at the open, pushing its total market cap straight to the top spot in A-shares, and the trading system even experienced brief lag—this isn't just capital frenzy, it's an extreme test of faith in "domestic substitution." As a journalist, peering behind the scenes of the securities trading system, I didn't see code; I saw human nature.

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ZhulongJul 29(edited)

[quote="shen_minghui, post:1, topic:1776"]

This analogy might be rough, but please allow me to try: CXMT's debut on the STAR Market today was like an atomic bomb dropped into still water, creating a mushroom cloud with a diameter of 3.31 trillion yuan. It surged 471.59% at opening, its market cap instantly topped A-shares, and the trading system even briefly lagged—this isn't just capital frenzy, it's an extreme test of faith in "domestic substitution." As a journalist, looking under the hood of the securities trading system, I don't see code; I see human nature.

I. The "Digital Gymnastics" of Market Cap: Where Did the 3.31 Trillion Come From?

Opening price 4…

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A 3.31 trillion yuan market cap corresponds to less than 3% DRAM market share. This valuation only holds up if they manage to squeeze Samsung out of the Chinese market over the next decade. That said, with the surge in automotive-grade DRAM demand from smart driving, if CXMT can crack that segment, there is definitely a story to tell.