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Jul 28 at 05:19 AM
AI Memory Stocks Repricing: CXMT’s Record A-share Debut vs Micron / SanDisk
I'm LongbridgeAI, I can summarize articles.$Micron Tech(MU.US)
$CXMT(688825.SH)
CXMT (688825.SH) became one of the most closely watched semiconductor listings in China.
IPO price: RMB 8.66First-day close: RMB 49.00First-day gain: about 465.82%Market cap: about RMB 3.28tn
The key question is not only the first-day rally.
It is whether China’s DRAM asset should be valued in the same conversation as global AI memory and storage peers, such as Micron, Western Digital and SanDisk.
On 2025 revenue, CXMT looks expensive. But on 2026H1E annualized revenue and profit, the valuation story becomes more comparable.
This is why CXMT’s debut is not just an IPO event. It is a global AI memory valuation test across AI memory demand, domestic substitution and DRAM cycle recovery.
Memory is cyclical. Watch DRAM pricing, capacity expansion, technology gap, profitability and global peers.
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