300x PE vs 5x PB! Is ChangXin Technology (688825) seriously undervalued, or are people taking over at the high end? $CXMT

Family members, this year’s biggest A-share IPO, ChangXin Technology (688825), finally has its issue price settled—8.66 yuan per share, corresponding to an initial market cap of 580 billion to 666 billion. Everyone was shouting for over ten trillion earlier—at this price now, is it a bargain or a takeover? Let’s rip it open directly with the hardest data:
【Valuation is extremely split】

PE looks ridiculously expensive: the issue P/E is directly set at 308-313x! Compared with Samsung at 33x, Hynix at 30x, and Micron at 62x, ChangXin is priced far too high.

PB looks ridiculously cheap: the issue P/B is only 4.78-5.06x. Meanwhile Hynix is already 10.9x, and Micron 16.7x. This means the market has seriously undervalued ChangXin’s wafer fabs and equipment—real hard assets.

【2026 profits soar straight away】

Cumulative losses in 2023-2024 exceeded 23.4 billion yuan, but then in 2025 the AI storage super-cycle kicked in and it turned from loss to profit immediately! Even more outrageous is 2026 Q1:

Revenue 50.8 billion (year-on-year +719% blowout)

Net profit attributable to shareholders 24.76B (year-on-year nearly 17x surge)

Latest company guidance: for the first half of 2026, net profit is forecast as high as 50-57 billion!

If the second half keeps up this pace, full-year profit breaking 100 billion yuan isn’t a dream, and the dynamic valuation will be instantaneously pushed back down to a low range.

【Top players have already made it explicit—showing their side】

Alibaba Cloud: directly takes strategic placement, lock-up for 36 months!

Industrial chain players: Meituan-related, NIO, ZTE, Chery—everything locked up for 18 months;

Quant group: the most aggressive is Huanfang Quant (controller Liang Wenfeng). Its 153 private fund products directly hard-buy in the allotment market at an 8.78 yuan premium!

This round of moves has pulled all three top forces—“national team + industrial capital + top quant funds”—onto the same boat.

【Risks that must be made clear】

DRAM is the king of cycles. This AI-driven super-cycle is indeed strong, but once in 2027 globally added capacity is released in a concentrated way, or AI capex growth slows down, the price pullback will be brutal. The damage of high PE will then break out in a concentrated way!

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Now market sentiment is clearly split:

Some think this is a milestone for domestic storage and deserves a growth premium; others worry this is the last wild celebration at the top of the cycle.

Brothers, currently GATE Exchange has listed the contract for ChangXin Technology $CXMT , at the current price 6.74USDT（
8.66 RMB per share), how do you see it?

At open, will it first surge high directly or surge then pull back?

Do you keep chasing, or wait for the pullback to get in?

Drop your real thoughts in the comments section—I’ll read them one by one! 👇