Major IPO in China today, with $CXMT becoming the most valuable company listed on mainland Chinese exchanges. Shares are trading at >6x the IPO price, implying a market cap of ~$540bn. Happy to discuss the listing and broader Chinese tech developments on Bloomberg.
The structural DRAM shortage driven by AI infrastructure is allowing CXMT to generate operating margins above 70%, despite its cost per bit being 20–30% higher than Samsung, SK hynix, and Micron.
Without access to EUV, CXMT’s path beyond 1a remains unclear. It will need to rely on packaging, design, and materials innovation to narrow the gap with the leading incumbents. Looking forward to seeing how the company progresses over the coming years.