2026-07-28
CXMT Jumped 466% on Day One. The Company Has No Product Manager
On July 27, 2026, ChangXin Memory listed on the STAR Market and closed up 465.82% at a 3.28 trillion yuan valuation, raising 57.9 billion yuan — the largest IPO in STAR Market history. Three years ago it lost 16.7 billion; cumulative losses hit 36.65 billion. This year it made 24.7 billion in a single quarter. DRAM specs are written by JEDEC and prices are set by the cycle. In twenty years, not one of Zhu Yiming's key decisions was a product decision.
