2026-07-28 — Washington reacts, a DeepSeek-linked fund profits ⟨daily 2026-07-28⟩

• A “senior federal official” told the New York Post there’s “a real suspicion” of CCP-orchestrated price action behind the 466% debut surge, six weeks after the Pentagon named CXMT a “Chinese military company” (§1260H list). Coverage frames this as a fresh Capitol Hill probe, but the underlying ask — Entity List designation, an executive order blocking US purchases — traces to a Moolenaar/Whitesides letter to Commerce Secretary Lutnick dated July 16, which predates the debut and never mentions the IPO (confirmed against the letter itself). Treat “surge triggers Congressional probe” as aggregator conflation of old pressure + new news, not a fresh action — the one genuinely new element is the federal official’s on-the-record suspicion of manipulated pricing. (TechTimes · House Select Committee on the CCP — letter text) ⟨daily 2026-07-28⟩
• DeepSeek founder Liang Wenfeng’s High-Flyer hedge fund confirmed among the debut’s biggest winners — the 12.55B-share institutional bid flagged in the 07-22 crawl paid off on the 466% pop. (Bloomberg, via Google News RSS) ⟨daily 2026-07-28⟩

2026-07-28 — Black Tuesday ⟨crawl 2026-07-28⟩

• The debut’s second-day shockwave: Seoul sold off hard — SK Hynix −14.65%, KOSPI −10.84%, coverage explicitly attributing the rout to CXMT’s STAR debut — the market’s first sharp repricing of CXMT as a real competitive threat, not a domestic-substitution story. One-day reaction; check whether it holds past SK Hynix’s 07-29 print.

2026-07-27 — The debut ⟨daily 2026-07-27⟩

• Closed +466% at ~$489B — the most valuable China-listed company, above Intel’s market cap; Asia’s biggest 2026 IPO (~$8.5-9.1B raised). Micron −8% on the read-through. Overhangs: a US DoD ban and a three-year HBM deficit. The squeeze’s capital-markets marker, delivered.

2026-07-23 — Pricing finalized, extreme oversubscription

• Pricing finalized at 8.66 yuan/share, raising ~$8.6B (up from an earlier $4.3–4.4B target range) — implied market cap 588B yuan ($87B) at listing. (BigGo Finance) ⟨daily 2026-07-23⟩
• Institutional bookbuilding came in 462.85x oversubscribed — roughly 4x SMIC’s 114.97x when it listed on the STAR Market in 2020, an extreme demand signal. Listing date confirmed July 27, ticker 688825. (EBC) ⟨daily 2026-07-23⟩

2026-07-22 — Allotment landed as staged

• Final allotment rate 0.47% — retail 212× oversubscribed across 9.4M accounts, institutional 570×; a clawback shifted ~502M shares from the institutional to the retail tranche; $9.8B raise confirmed, 07-27 STAR Market listing on track. (SCMP) ⟨daily 2026-07-22⟩

← Backstory (crawl 2026-07-22 → artifacts/findings/cxmt-memory-ipo-2026-07-22.md)

2026-07-16→17 — Subscription: record and caution at once

• Retail ~212× / institutional 463× oversubscribed (9.4M+ accounts; ~0.47% winning rate, highest on STAR record) — yet framed as “much lower than most recent Chinese IPOs”; STAR50 −20% from its July peak partly on liquidity-drain fear. High-Flyer Quant (Liang Wenfeng / DeepSeek) bid for 12.55B shares. Six banks split ~$41M in fees — 0.48% vs the 4.52% A-share average. (SCMP · DealStreetAsia) ⟨crawl 2026-07-22⟩

2026-07-13→15 — Pricing at ~$85B, state-built

• 8.66 yuan/share (07-14) → up to ~$9.8B raise, ~$85B market cap — biggest-ever Chinese A-share semiconductor IPO (past SMIC 2020). Pre-IPO state ownership 36.29% (Anhui + the Big Fund); prospectus filed 07-15 showing Micron/Samsung alumni in leadership. (Korea Herald) ⟨crawl 2026-07-22⟩

Context — what the raise races against

• Capacity 320k→420k wafers/month by 2027 (HBM3E mass production targeted 2027) vs a 2–3 year gap to Samsung/SK Hynix/Micron shipping HBM4; US lawmakers expect memory prices elevated “through at least 2028”; overseas sales just 2.79% of revenue; Entity-List/§1260H status needs primary confirmation. Dell/HP/Lenovo/Apple reportedly locking supply through 2027 (low-confidence). (Korea Herald · The Register) ⟨crawl 2026-07-22⟩