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Just in May and June of this year, the valuations of US-based Micron, and South Korea's Samsung and SK Hynix, have successively approached or crossed the $1 trillion threshold (these three companies account for over 90% of the global DRAM market). Last week, SK Hynix listed in the US, with its market capitalization calculated based on its US ADR price exceeding $1 trillion — though it's worth mentioning that its ADR carries a significant scarcity premium compared to its domestic stock price in South Korea.

What about China? China also needs a memory champion that can sit at this table. Based on the issue price of 8.66 yuan, ChangXin's market capitalization from this issuance is approximately 579.2 billion RMB, which will immediately place it among the largest companies by market cap on the STAR Market upon listing; more optimistic institutions have even voiced expectations of it reaching trillions, or even tens of trillions of RMB in the future (though it must be clarified, that is based on a series of strong assumptions including "sustained high growth, accelerated domestic substitution, and long-term maintenance of high valuations").

US with a trillion dollars, South Korea with a trillion dollars, China with a trillion RMB — although there's still a gap in magnitude between "dollars and RMB," this is the first time China has a player of its own that can reach this table.

$CXMT(688825.SH)$SK Hynix(SKHY.US)$Micron Tech(MU.US)