China's biggest memory maker listed at $8.6 billion and closed the morning up 531%

ChangXin Memory Technologies raised RMB57.92 billion, about $8.6 billion, on the Shanghai STAR Market on 27 July - the largest mainland semiconductor offering on record. Shares opened at RMB49.50 against an RMB8.66 offer price and by the midday break were up 531%, giving a RMB3.66 trillion market value and making it the most valuable company listed on mainland exchanges, ahead of the major banks. First-quarter revenue was up more than 700% year on year on AI-server memory demand, and RMB29.5 billion of the proceeds go to production-line and DRAM upgrades rather than a standalone high-bandwidth-memory project.

What it means A domestic Chinese memory supplier priced like a national champion is the other half of the same story as the Western memory sell-off - one supply base re-rating up while the incumbents re-rate down.