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Changxin Technology opened up 471.59% on its first day of trading after going public, with a market capitalization of 3.3 trillion yuan ranking first among A-shares, and Nomura set a target price of 116 yuan.

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ME News, July 27 (UTC+8): China’s DRAM leader Changxin Technology (688825.SH) listed on the STAR Market today, its first day of trading. It opened at 49.5 yuan, up 471.59% from the offering price of 8.66 yuan. Its market cap reached 3.3 trillion yuan, ranking first among A-shares. This IPO raised about 57.9 billion yuan (before the over-allotment option is fully exercised), which is the largest IPO on the STAR Market to date. Based on the opening price, investors who bought one lot are estimated to have earned 20k yuan. On the same day, Nomura Securities initiated coverage of Changxin Technology, assigning a target price of 116 yuan. The estimate is based on expected earnings per share of 5.8 yuan in 2028 and a 20x target P/E. Compared with the offering price, this implies an increase of about 13.4x, with an implied market cap of about 7.76 trillion yuan. Nomura believes this valuation is about twice Micron’s, mainly based on expectations for growth in the market share of Changxin’s storage and valuation premiums in the China market. (Source: ChainCatcher)
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