CXMT
What CXMT is up to now
Just became the symbol: listed 07-27 on STAR at +466% to ~$489B — the most valuable China-listed company, past Intel's market cap — with proceeds earmarked for DRAM/HBM capacity. Already charging MORE than Samsung for DRAM while evicting Huawei-linked engineers; new modules shipped with no price relief. Overhangs: a US DoD ban and the three-year HBM deficit it's racing into. The memory squeeze's capital-markets marker, state-funded and working.
as of 2026-07-28
Sphere china
Pocket
Chips
China's domestic DRAM push; STAR-Market IPO (CXMT IPO thread).
The metrics
- Posture high
- expanding 1 src →
- Capital · available high
- ~$8.5B fresh IPO proceeds (up to ~$9.8B with 15% overallotment); + state 'Big Fund' backing (Big Fund specifics low-confidence) 3 src →
- Capital · operating low
- no clean operating-cash-flow / FCF figure (newly public, prospectus-only); revenue growing fast but profitability undisclosed here 1 src →
- Capital · deployed low
- IPO proceeds earmarked to domestic DRAM/HBM capacity expansion (specific capex figure not located — low confidence) 1 src →
- Capital · in low
- IPO ~$8.5-9.8B + recent-period revenue ~$7.4B (50.8B yuan, +700% YoY). NB the $7.4B is reported as 'Q1 2026' but that scale implies an ANNUAL figure for a ~7.7% DRAM player — period … 1 src →
- Capital · out low
- capacity capex (state-directed buildout); dividends/buybacks not applicable (growth-stage, state-backed) — figures not located 1 src →
- Optionality med
- locked — state-directed capital (36.29% state pre-IPO); Entity-List/DoD-1260H constrained; strategic, not return-maximizing 2 src →
- Gravity med
- ~7.7% of the global DRAM market GROSS — China's domestic memory-independence supplier (feeds Alibaba / ByteDance / Xiaomi); strategic gravity >> its current commercial scale 2 src →
This week — what changed
- CXMT closed its debut +466% at ~$489B — the most valuable China-listed company, above Intel's market cap; Micron fell 8% on the read-through; overhangs: a US DoD ban + a three-year HBM deficit. (CNBC · Nikkei)
- CXMT surged 466–472% on its Shanghai STAR debut — mainland China's most valuable listed company on day one (absolute mcap figure thin — primary fetches blocked). (Reuters)
- Korea's "Black Tuesday" session closed −10–11% with circuit breakers — SK Hynix below $140 (−10-13%), Samsung down with it; China chip-competition fear compounding AI volatility. SK Hynix reports within 24h. ([Reuters/Korea Times])
- ⛔ Conflation caught: "CXMT debut triggered a Capitol Hill probe" — the Moolenaar/Whitesides letter is dated 07-16, eleven days pre-debut, and never mentions the IPO. Genuinely new today: an on-record federal official suspecting CCP-orchestrated price action.
Projects & threads
·
CXMT IPO
resource move
— open · last seen 2026-07-28
· 9 entries
·
Memory Squeeze
scarcity
— developing · last seen 2026-07-28
· 6 entries
Vocabulary