CXMT Surges 465% on Debut: DRAM Cycle Inflection Point or True Reflection of AI Demand?

Issue price: ¥8.66, opening price: ¥49.50, closing price: ¥49. First-day gain: 465.82%. Market cap: ¥3.28 trillion. Turnover rate exceeded 60%, with trading volume hitting ¥140 billion. Put these numbers together, and it’s no longer just a simple "IPO frenzy" that can explain this. On its first day of listing on the STAR Market, ChangXin Memory Technologies (CXMT) surpassed ICBC in market cap to become the largest company in A-shares. The capital markets voted with real money, but they weren’t voting for sentiment—they were betting on their judgment of the DRAM supply-demand landscape over the next three years.