CXMT Corp Class A

688825: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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CXMT: Initiating Coverage With a Fair Value Estimate of CNY 16.10; Pricey After Roaring First Day

Jing Jie Yu

Jul 28, 2026

We initiate coverage of CXMT, or ChangXin Memory Technologies, the fourth-largest DRAM player globally. CXMT's IPO offering of 6.7 billion shares represented 10% of its free float postissuance at an initial valuation of CNY 8.66 per share. Shares closed at CNY 49, 466% higher than offering price.

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CXMT Corp Class A

CXMT: Initiating Coverage With a Fair Value Estimate of CNY 16.10; Pricey After Roaring First Day

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