Analyst opinions on CXMT polarized amid memory chip volatility

ChangXin Memory Technologies made its stock market debut on the Shanghai STAR Market in late July 2026, and the market’s reaction was, to put it mildly, enthusiastic. Shares surged roughly 472% on the first day, closing around CNY 49. For a brief moment, CXMT was the most valuable publicly listed company in China. The IPO raised approximately $10 billion, which is a serious amount of capital even by global standards. The problem is that almost nobody agrees on what happens next. The bull and bear cases, side by side Supporters of CXMT have a straightforward argument: the company is growing fast in a market that matters. CXMT’s share of the global DRAM market climbed from roughly 3% to 8% within a single year, placing it among the four largest DRAM producers in the world by Q1 2026. That kind of market share gain reflects real capacity investment, domestic pricing power, and a client list that includes Huawei, one of China’s most strategically important technology companies. The bears, however, are not persuaded. Morningstar placed a fair-value estimate on CXMT shares at CNY 16.10. The stock closed its first trading day at around CNY 49. In English: Morningstar thinks the market pri...