The demand that greeted the listing was extreme. Institutional investors placed orders equal to roughly 570 times the shares on offer, while retail investors subscribed for more than 200 times the shares available to them. That imbalance was compounded by a free float of only about 6.73% of total shares, a structure that can amplify price moves in either direction.
The debut arrives during a global memory chip shortage driven by the build-out of artificial intelligence infrastructure. CXMT's own financial trajectory underscores the boom: the company expects first-half 2026 revenue to rise more than sevenfold, to between 110 billion and 120 billion yuan, reversing a prior-year loss. First-quarter revenue reached 50.8 billion yuan, with net profit after non-recurring items exceeding 26.3 billion yuan, representing year-on-year increases of 719% and 1,993% respectively.
The listing also carries geopolitical weight. CXMT is state-backed and has been designated a military company by the Pentagon, even as US export controls try to limit its access to advanced chipmaking equipment. The IPO is therefore a live test of whether Beijing can convert the AI memory shortage into a domestic semiconductor champion while those restrictions tighten.