Just now, Changxin Technology rang the listing bell on the Sci-Tech Innovation Board, with China's top-tier tech "dream team" standing behind it.

CX Technology has officially listed on the Shanghai Stock Exchange Sci-Tech Innovation Board, opening 471% higher with a total market value of 3.31 trillion yuan, surpassing the Industrial and Commercial Bank of China to become the current top-ranked company by total market capitalization in the A-share market.

CX Technology, the leading domestic DRAM memory chip enterprise, has officially listed on the Shanghai Stock Exchange Sci-Tech Innovation Board.

As the largest IPO project since the launch of the Sci-Tech Innovation Board, CX Technology's first day of trading has drawn extensive market attention. Today (July 27), CX Technology opened 471% higher, with a total market value reaching 3.31 trillion yuan, surpassing the Industrial and Commercial Bank of China to claim the top spot in total A-share market capitalization at present.

In accordance with the trading rules of the Sci-Tech Innovation Board, there are no price limit restrictions on new stocks in the first 5 trading days after listing, and only four intraday temporary trading halt mechanisms of ±30% and ±60% relative to the opening price are set. This means that the theoretical price ceiling and final trend of CX Technology on its first trading day will depend on the outcome of market game.

CX Technology is China's largest, most technologically advanced, and most comprehensively laid out integrated DRAM R&D, design and manufacturing enterprise. Behind CX Technology stands a full lineup of domestic scientific and technological forces, covering nearly 60 institutional investors including national-level industrial funds, local state-owned capital platforms, banks and insurance capital, leading industrial capital, and market-oriented venture capital institutions. Meanwhile, around the construction of upstream and downstream industrial chains and subsequent capacity expansion and advanced process R&D, it has built a supply system covering all links including equipment, materials, packaging and testing, and distribution. In the downstream market, it also covers huge demand markets such as domestic mobile phones, wearable smart terminals, and data centers.

Behind the Top A-Share Market Cap, China's Elite Tech Industry Rallies in Support

CX Technology has no controlling shareholder or actual controller. Its top five shareholders before listing are Qinghui Jidian, Changxin Integration, the Second Phase of the National Integrated Circuit Industry Investment Fund, Hefei Jixin, and Anhui Provincial Investment Group, with shareholding ratios of 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% respectively. Among them, institutions such as Qinghui Jidian and Changxin Integration are backed by Hefei state-owned assets, and Anhui Provincial Investment Group is an Anhui provincial state-owned capital platform. In addition, CX Technology's shareholders also include national strategic emerging industry investment platforms such as the Second Phase of the National Integrated Circuit Industry Investment Fund, the China State-owned Enterprise Restructuring Fund, and the CNBM New Material Fund.

Guo Xiangyu, Deputy Secretary of the Party Committee and General Manager of China Chengtong Holdings Group, and Chairman of the China State-owned Enterprise Restructuring Fund, stated that the China State-owned Enterprise Restructuring Fund has invested twice within five years to support the development of CX Technology. This is not only a key move to firmly safeguard the independent and controllable semiconductor industrial chain, but also a vivid practice of implementing the strategy of building a powerful nation through science and technology. The fund will continue to act as long-term, patient, and strategic capital, giving full play to the synergistic effect of "capital + industry".

The shareholder list of CX Technology also includes industrial capital players such as GigaDevice, Midea Capital, Xiaomi, and Alibaba; as well as well-known market-oriented investment institutions including China Merchants Capital, Legend Capital, Anyuan Fund, Jizhi Capital, Yanchuang Capital, Lanpu Investment, Yunfeng Fund, Yanyuan Venture Capital, Mingsheng Capital, Qianhai Mother Fund, and HuFu Jiaye.

In the strategic placement segment of its IPO, CX Technology selected three categories of enterprises: large upstream and downstream industrial chain enterprises or their subsidiaries that have strategic cooperative relationships or long-term cooperation visions with its business operations, large enterprises or their subsidiaries in the fields of terminal applications, cloud computing, communication equipment, and smart vehicles, and long-term capital investors such as large insurance companies with long-term investment willingness and national large-scale investment funds.

Among them, the strategic placement investors with industrial capital background include semiconductor industrial chain companies such as Montage Technology, ESWIN Materials, Piotech Inc., Anji Technology, JCET Group, Advanced Micro-Fabrication Equipment Inc. China, Yitang Co., Ltd., and Shanghai Simgui Technology, all of which were allocated 18.24 million shares with a corresponding amount of 158 million yuan each. Downstream application enterprises including Huaqin Technology, Transsion Technology, Xiaomi, TCL, Kuaishou, NIO, Alibaba Cloud, ZTE, Fuyi Technology, and Chery Automobile were also allocated 18.24 million shares each, with a corresponding amount of 158 million yuan each.

In terms of the supply chain, reporters from *Sci-Tech Innovation Board Daily* recently interviewed multiple listed companies related to the industrial chain, and learned that CX Technology has built a complete supply system covering core equipment, semiconductor materials, packaging, testing and modules, and distribution channels.

In the core equipment segment, Naura Technology confirmed to *Sci-Tech Innovation Board Daily* reporters that the products it currently supplies to CX Technology cover multiple types of equipment including etching, thin film deposition, heat treatment, and cleaning. The products supplied by Advanced Micro-Fabrication Equipment Inc. China to CX Technology include the company's plasma etching equipment, thin film deposition equipment, and other supporting equipment. Multiple types of equipment are undergoing continuous verification on the customer's production lines and have gradually realized large-scale mass production procurement. The CMP equipment of Huahai Qingke, the testing equipment of Jingce Electronics, the PECVD/ALD/SACVD equipment of Piotech Inc., the cleaning equipment of ACM Research (Shanghai), and the wet equipment of Pure Semiconductor have all entered the core supply chain of CX Technology.

In the field of high-end materials, Yake Technology, a leading enterprise in semiconductor precursor materials, supplies CX Technology with various precursor products such as high-k and silicon-based materials required for advanced processes of DRAM chips. In the electronic special gas sector, both Guanggang Gas and Jinhong Gas have established cooperation with CX Technology. In the photoresist field, both Tongcheng New Materials and Jingrui Electronic Materials have entered CX Technology's supply chain.

The prospectus shows that CX Technology has completed the mass production of process technology platforms from the first generation to the fourth generation, and its core products cover mainstream series such as DDR4, DDR5, LPDDR4X, and LPDDR5/5X. In the downstream market, CX Technology's terminal customers include manufacturers such as Alibaba Cloud, Tencent, ByteDance, Lenovo, Xiaomi, Honor, OPPO, vivo, and Transsion.

Capacity Expansion and Performance Growth Hit the Fast Track

Since its establishment in 2016, CX Technology has always focused on the R&D, design, production, and sales of DRAM products. Adopting the strategy of "leapfrog R&D", the company has completed the mass production from the first-generation process technology platform to the fourth-generation process technology platform, as well as product coverage and iteration from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X. At present, the company's core products and process technologies have reached the international advanced level.

CX Technology actively grasps the development trend of the industry and continues to iterate its products. It has now formed a diversified product layout including DDR series and LPDDR series, and can provide diversified product solutions such as DRAM wafers, DRAM chips, and DRAM modules, which can effectively meet the market demands of servers, mobile devices, personal computers, smart vehicles, and other fields.

CX Technology has a total of 3 12-inch DRAM wafer fabs in Hefei and Beijing.

According to data from Omdia, based on DRAM sales statistics for the fourth quarter of 2025, CX Technology has become the largest DRAM manufacturer in China and the fourth largest in the world, with its global market share rising to 7.67%, and it is expected to achieve further growth along with technological development and capacity construction. Based on sales volume calculations, in 2025, the global DRAM market shares of Samsung Electronics, SK Hynix, and Micron Technology were 33.96%, 34.48%, and 23.41% respectively.

In the first quarter of this year, CX Technology's performance growth accelerated, with its first-quarter revenue reaching 50.8 billion yuan, a year-on-year increase of 719.13%; its net profit attributable to shareholders reached 24.762 billion yuan; and its non-recurring profit-and-loss adjusted net profit attributable to shareholders was 26.341 billion yuan.

The performance forecast released by CX Technology for the first half of this year shows that its operating revenue in the first half of 2026 is expected to reach 110 billion to 120 billion yuan, a year-on-year increase of 612.53% to 677.31%; its net profit is 66 billion to 75 billion yuan, and its net profit attributable to shareholders is 50 billion to 57 billion yuan. It is expected to offset all the accumulated losses of CX Technology since its establishment.

CX Technology stated that with the continuous release of production capacity, the company's production capacity scale is rapidly catching up with the top three international manufacturers, and its competitiveness continues to strengthen. At the same time, with the rapid growth of product sales, it has strong ability to resist cyclical fluctuation risks.

In this listing, CX Technology plans to raise 29.5 billion yuan, of which 7.5 billion yuan will be used for the transformation and upgrading of wafer production lines, 13 billion yuan for DRAM technology upgrading, and 9 billion yuan for the R&D of forward-looking dynamic random access memory technologies.

From an industrial perspective, landing on the capital market provides CX Technology with a broader financing platform, which helps the company accelerate the R&D of advanced processes, expand its production capacity scale, and further narrow the technological gap with international giants.

This article is from the WeChat Official Account "Sci-Tech Innovation Board Daily", author: Guo Hui, and is authorized for release by 36Kr.