#夏日创作营 The king of market surges is here: ChangXin Tech jumps over 530%

A company established less than 10 years ago, with an offering price of only 8.66 yuan, surged more than 530% intraday on its first day of listing, hitting 54.65 yuan. Trading volume topped 120 billion yuan, and its market cap instantly soared to 3.66 trillion yuan—overtaking Industrial and Commercial Bank of China to become #1 by total market cap on the A-share market. In one lot, you can make over 20k yuan on paper… This isn’t a lottery win—it really happened to ChangXin Tech (688825) on July 27, 2026.

Why is the market so疯狂? Because it’s not a normal IPO, but a long-suppressed “domestic storage” sentiment explosion. It represents China’s moment in the core semiconductor field of DRAM: finally going from “zero” to “global fourth,” from being choked by supply constraints to taking a seat at the table. For countless novice retail investors, this company is not just a stock—it’s a symbol of the country’s confidence in technology. Its story is worth fully and deeply understanding for everyone who follows A-shares and hard-tech.

I. Development history of ChangXin Tech: ten years of setbacks, from zero to hero
ChangXin Storage (the operating entity of ChangXin Tech) was founded in 2016, headquartered in Hefei. It focuses on the design, R&D, production, and sales of DRAM (dynamic random-access memory) chips, and is the only IDM enterprise on the Chinese mainland with large-scale mass production capability for generic DRAM (integrated device manufacturing, an integrated model).
Start-up stage (2016-2019): start from scratch, break through by leveraging opportunities.
DRAM has extremely high industry barriers: technology, equipment, talent, and capital are all indispensable. At that time, this field in Mainland China was nearly blank, with the world dominated by three giants—Samsung, SK hynix, and Micron—controlling over 90% of shares. China faced a serious “choke point” risk.
ChangXin chose a pragmatic path: acquiring patents such as Canadian Wi-LAN, building a research team of thousands, and starting from the 19nm process (not the most advanced, but controllable in risk and easier to mass-produce). By late 2019, 19nm DDR4 mass production was achieved, filling an industry gap.
Climbing pains period (2020-2024): massive losses, a life-or-death battle for yields.
Mass production doesn’t automatically mean success. Low yields and insufficient capacity utilization led to consecutive huge losses: it lost 16.3 billion in 2023, and 7.1 billion in 2024, averaging over 8 billion in losses per year. Export controls on equipment prevented it from easily obtaining the most advanced EUV lithography machines; it had to route around using techniques like multiple patterning, while domestic equipment substitution was also progressing. In terms of funding, it relied on national support and large-scale financing—burning money to build fabs (multiple 12-inch wafer plants in Hefei and Beijing).
This stage was full of setbacks: slow technology iteration, unstable supply chains, and significant geopolitical pressure. But the team kept pushing through process optimization and equipment tuning, and yields gradually broke through the 80% profitability breakeven line.
Explosion turning point (2025 to now): cycle + autonomy, dual-wheel driving a highlight.
In 2025, revenue surged from the previous ~9 billion range to nearly 61.8 billion, and it achieved its first annual profit of 36.6k. In the first quarter of 2026, revenue was 50.8 billion and net profit 24.7 billion; net profit for the first half is expected to be 50-57 billion. Capacity is the world’s fourth (monthly capacity is moving toward 350,000 to 420k wafers); global market share in 2025 Q2 is about 3.97%, with further improvement expected. Products cover DDR4/5, LPDDR, etc., and HBM (high-bandwidth memory, a core for AI) is also being validated and advanced. During its IPO fundraising of several tens of billions, it will further expand production.
Along the way, ChangXin hasn’t been smooth sailing—it made it to today through national strategic support, entrepreneurs’ resilience, team breakthroughs, and market-cycle resonance. It is the most vivid mirror of China’s semiconductor self-reliance: from imitation and catch-up, to differentiated competition, and then to scaled-up counterattack.

II. Industry boom: AI super cycle + domestic substitution, a double tailwind
Global DRAM demand has entered a “super cycle.” AI data centers are extremely hungry for memory storage (especially HBM and high-performance DDR5). The three giants shift capacity to high-margins HBM, tightening supply in the traditional storage market and driving prices sharply higher. ChangXin precisely positioned itself with mature process capability plus a cost-performance advantage, filling the gap. At the same time, China’s strategy of “chip self-sufficiency” is advancing firmly. As the only large-scale domestic DRAM player, ChangXin carries the mission of “getting on the table.” Policy, funding, and talent all show clear tilting. Against the backdrop of trade friction, its rise directly alleviates supply-chain risks, providing stable support for downstream mobile phones, PCs, servers, and domestic AI foundation models.
Industry logic is clear: AI爆發 drives demand, while oligopolies sharing less and geopolitical reshuffling reshape the supply side. ChangXin caught the once-in-a-century window. ChangXin isn’t relying on luck—it’s riding the wind of “timing, location, and people.” The evidence is ample—7x revenue growth, gross margin catching up to industry giants, and rapidly increasing share—these are all hard data.

III. Why ChangXin? Full analysis of core competitiveness
Uniqueness and scarcity: “the one and only” DRAM in China, and the global fourth. With the IDM model controlling the entire chain, from R&D to production to sales, it responds faster.
Capacity and scale: multiple 12-inch fabs with ongoing capacity expansion. By the end of 2026, it may approach or exceed some Micron-related indicators, aiming for the global third.
Technology and products: DDR5/LPDDR5X are in mass production, and HBM is advancing. While there is a process-node gap, the cost advantage of mature processes is clear; once yields improve, competitiveness becomes prominent.
Backed by national strategy: self-sufficient core assets, and strong support in financing, policy, and ecosystem.
Performance delivery: from huge losses to earning tens of millions per day—positive cash flow proves the business model works. These are not empty talk; they are real reflections in the prospectus, industry reports, and market performance.

IV. For beginners: the 5 most important points to understand
It’s the “pillar” of domestic storage: not a concept stock, but a real leader with products, revenue, and capacity. Buying it is like buying the future of China’s semiconductor industry.
Strong cycle attributes, but currently on an upward channel: the storage industry is volatile, but with long-term AI demand support, it looks favorable in the medium term. Watch quarterly performance and capacity expansion progress.
High valuation with emotion-premium: the high PE on day one reflects scarcity and confidence, but in the long run it depends on the continuity of performance. Don’t chase high prices; rationally assess long-term value.
IPO subscription/holding logic: allocation is luck, holding should be judged by fundamentals. Long-term holding can enjoy the dividends from capacity expansion and share gains.
Spillover effects: ChangXin’s rise will boost upstream and downstream industries such as equipment, materials, packaging and testing. Watch related themes, but the core still depends on ChangXin’s own execution.

V. Linkage with the crypto market
Around the listing of ChangXin Tech, some crypto platforms, such as Gate, launched related contracts or perpetual products based on CXMT as the code. These products correspond to A-share price expectations, allow 24-hour trading, and attract crypto users to participate, creating cross-market heat transmission. Some contract prices show clear volatility, and trading volume increases. Such products mainly serve existing users on crypto platforms; pay attention to leverage, liquidity, and the relationship between the underlying and the asset.
This linkage reflects current market characteristics: hot events flow quickly between stocks and crypto platforms. Crypto users can join the discussion via contracts, but risk is higher than trading spot A-share stocks.

VI. 3 major risks you cannot ignore (must face rationally)
Geopolitical and supply-chain risk: export controls may tighten further, making advanced equipment/technology harder to obtain. The prospectus has already mentioned restrictions by “relevant countries,” which may cause instability in the industrial chain.
Cycle volatility and competition risk: the memory super cycle won’t last forever. If AI demand slows or the three giants’ capacity returns, a price war could be triggered. Some of ChangXin’s gross margin currently relies on the cycle; if HBM weaknesses persist long term, its market share in high-end segments may be limited.
Technology and execution risk: uncertainties remain in yields, HBM validation, and the ramp-up during capacity expansion. With large capital expenditures, if management or market judgments are wrong, losses may return. High valuation amplifies volatility.

The spotlight belongs to the ones who persist. China’s semiconductor industry is in the right time, and ChangXin’s rise is on point. This isn’t the victory of one company—it’s a snapshot of how China’s hard-tech spent a decade forging a sword. From the mud of losses and setbacks to being under the market-cap spotlight, it proves that “controllable by ourselves” is not a slogan, but a feasible path. Going forward, with capacity ramping up, breakthroughs in HBM, and coordinated efforts across the industry chain, it is expected to keep writing legends.
ChangXin’s story is still going—China’s semiconductors will surely see more moments of glory.

The above data is based on public information and industry reports. The market changes by the second; this is for reference only and does not constitute investment advice. $CXMT ‌