CXMT IPO Subscription Rate at 0.47%: Is Domestic Storage Overheated Behind Retail Frenzy?

At 9 AM on July 16th, outside a brokerage branch in Pudong, Shanghai, retired worker Old Zhang clutched his phone, the screen showing the subscription results page for CXMT (Changxin Memory Technologies). He had been participating in IPO subscriptions for ten years, heavily invested in SMIC and Cambricon, and considered himself a "veteran stock investor in domestic chips." This time he subscribed for 10,000 shares, calculating in his head: if I win the lottery, I'll make 20-30k RMB to buy my grandson a computer. But the page ultimately showed "Not Selected," he cursed under his breath, turned around, and went back to check his margin trading quota. A few young people nearby were chatting even more excitedly—one person used family accounts to gather 20 subscription slots, but didn't win a single one. The branch manager, holding a tea cup, said: "CXMT's winning rate is lower than SMIC's back then, which shows the market is optimistic."