Micron’s Chinese rival reports booming sales in public debut

ChangXin Memory Technologies just pulled off the kind of stock market debut that makes bankers weep tears of joy. The Chinese DRAM manufacturer’s shares opened at 49.50 yuan against an IPO price of 8.66 yuan on Shanghai’s STAR Market, a surge of roughly 470% that briefly made it the most valuable listed company in China. The IPO raised approximately $8.6 billion (57.9 billion yuan), making it Asia’s largest public offering of the year and China’s biggest semiconductor listing in more than a decade. Institutional demand exceeded 500x in some tranches. Revenue numbers that rewrite the scoreboard CXMT’s first quarterly earnings as a public company backed up the enthusiasm. The company reported Q1 2026 revenue of 50.8 billion yuan, roughly $7.51 billion, reflecting 719% year-over-year growth. To put that in perspective, CXMT’s single-quarter revenue nearly matched its entire 2025 full-year figure of 61.8 billion yuan. The company expects first-half 2026 revenues between 110 and 120 billion yuan, an increase of more than seven times compared to the same period last year. That trajectory has catapulted CXMT to roughly 7.6-7.7% of the global DRAM market, making it the world’s fourth-large...