Changxin Memory STAR Market Listing Implies $428B Cap via Perpetuals

CXMT IPO targets $9.8B raise with 212x oversubscription. Perpetual contracts imply $428B market cap, suggesting potential to surpass A-share giants if initial trading surges.

Woofun AI reports that Changxin Memory is scheduled to list on the STAR Market, aiming to raise 66.6 billion yuan ($9.8 billion) with an estimated initial market cap of 580 billion yuan. The online offering experienced a 212-fold oversubscription, with individual investors submitting 9.4 million applications totaling 7.07 trillion yuan. Bloomberg estimates the price-to-book ratio at 2.4x, reflecting a 56% discount compared to global DRAM peers such as SK Hynix, Micron, and Nan Ya Technology.

Perpetual contracts linked to Changxin Memory traded at approximately $6.38 last Friday, roughly five times the IPO issue price, implying a market capitalization of $428 billion. Analysts project that a 330% first-day price increase could allow the company to exceed ICBC's market cap of 2.6 trillion yuan, potentially becoming the most valuable A-share listed entity. Huaxi Securities forecasts revenue growth from 277.7 billion yuan to 572.7 billion yuan by 2028, with net profits reaching 290 billion yuan and a potential market cap of 5 trillion yuan based on 2026 earnings multiples.