CXMT's IPO Frenzy Mirrors BYD's Pre-Blade Battery 'Gambling' Phase

After years in NEV R&D, the sentence I fear hearing most is "Our lab data shows we can run 1,000 kilometers." Because between the lab and the mass production line lies a Mount Everest. On July 16, CXMT charged into the STAR Market with a fundraising plan of 57.9 billion yuan, with subscription enthusiasm being surprisingly high. But as someone who deals with semiconductors and battery cells daily, what I see isn't "champagne," but two very real "mountains"—technical yield rates and market competition.