ChangXin Memory Technology (CXMT) surges 471% on debut · market cap exceeds ¥3.31 trillion
🎙️ Zhu Yiming · Chairman, CXMT
“Behind every technological breakthrough lies the dedication and perseverance of countless CXMT people, and it also bears witness to the steady progress of China’s memory industry. Listing on the capital market is both a new beginning and a new responsibility for CXMT.”
He emphasised that CXMT will stay on the path of independent innovation, maintain respect for technology, continue investing in R&D, and strive to build a globally influential semiconductor memory company.
China’s #1, global #4 DRAM maker
Founded in 2016, ChangXin Memory Technologies (CXMT) focuses on DRAM R&D, design, production, and sales. The company adopted a “leap‑generation” R&D strategy, completing mass production from 1st‑gen to 4th‑gen process nodes, with products spanning DDR4, LPDDR4X, DDR5, and LPDDR5/5X. According to Omdia, by shipments and sales revenue, CXMT is now China’s largest and the world’s fourth‑largest DRAM manufacturer.
🚀 Historic breakthrough · 2019
In September 2019, CXMT launched its first self‑designed 8Gb DDR4 product — marking the first “zero‑to‑one” breakthrough in China’s DRAM industry. Since then, the company has continuously iterated to offer DRAM wafers, chips, and modules for servers, mobile devices, PCs, and smart vehicles.
CXMT currently operates three 12‑inch DRAM fabs in Hefei and Beijing, with total capacity ranking first in China and fourth globally. It has built deep partnerships with Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, Transsion, Honor, OPPO, and vivo, among others.
📊 Q1 2026 · net profit +1,268% YoY
- Revenue: ¥50.8 billion — up 719% YoY
- Net profit: ¥33.0 billion — up 1,268% YoY
- Attributable net profit: ¥24.8 billion — up 1,688% YoY
H1 2026 guidance: Revenue ¥110–120 billion (+612%–677% YoY); attributable net profit ¥50–57 billion (+2,244%–2,544% YoY).
📈 DRAM pricing tailwind
CXMT attributed its stellar Q1 to global compute demand and capacity re‑allocation by major players, which caused DRAM supply shortages and sustained price surges since H2 2025. Meanwhile, the company’s own output and product mix continued to improve.
The IPO raised ¥29.5 billion, to be used for wafer fab technology upgrades, DRAM technology upgrades, and forward‑looking R&D. With existing capacity expansion and planned new facilities, CXMT aims to further increase its global market share.
🏛️ Shareholding · strategic alliances
Anhui Investment Group directly holds 7.91%. Hefei ChanTou and Hefei Economic Development Zone Haike Holdings indirectly hold >5% each. GigaDevice (兆易创新) — a leading NOR Flash designer — holds 1.8%, with its chairman Zhu Yiming also serving as CXMT’s chairman, reflecting deep strategic and capital synergy.
🤝 Major client wins · Tencent, ByteDance, Apple
📦 Tencent · >¥20B long‑term supply agreement
In late June, CXMT signed a multi‑year supply agreement with Tencent valued at over ¥20 billion (≈US$2.94B), covering up to 3–5 years of DRAM supply for cloud and AI workloads.
🍎 Apple · procurement talks
In early July, it was reported that Apple is in talks to buy memory chips from CXMT for devices sold in China. No final agreement yet. Apple CEO Tim Cook has lobbied US officials to ease political fallout from any deal.
📱 ByteDance · >US$7B 5‑year agreement
On July 25, CXMT signed a 5‑year, >US$7 billion supply deal with ByteDance.