Svmuu News: CXMT (CXMT) is set to list on the Shanghai STAR Market. The IPO is expected to raise 66.6 billion yuan (approximately $9.8 billion), with an initial valuation of about 580 billion yuan.The online portion of the offering was oversubscribed by 212 times, with individual investors submitting approximately 9.4 million subscription orders totaling 7.07 trillion yuan.
Bloomberg reports that, based on the offering price, CXMT’s price-to-book ratio is approximately 2.4 times, representing a discount of about 56% compared to the average of global DRAM peers such as SK Hynix, Micron, and Nanya Technology.Hyperliquid perpetual contracts linked to CXMT’s expected share price were trading at approximately $6.38 last Friday—about five times the IPO price—corresponding to an implied valuation of approximately $428 billion.If the stock rises by approximately 330% from the offering price on its first trading day, CXMT’s market capitalization would surpass that of Industrial and Commercial Bank of China (ICBC)—approximately 2.6 trillion yuan—making it the highest-valued listed company on the A-share market.
Selling institutions have even more optimistic expectations. Huaxi Securities estimates that, based on a valuation of 40 times 2026 earnings, CXMT’s market capitalization could reach 5 trillion yuan;The firm forecasts that the company’s revenue will grow from 277.7 billion yuan this year to 572.7 billion yuan in 2028, with net profit reaching 290 billion yuan.