CXMT, short for ChangXin Memory Technologies, is China's largest DRAM memory chipmaker. Its shares trade only in Shanghai, on the STAR Market under the code 688825. There's no US listing and no ADR, so US investors can't buy the stock directly.
CXMT closed at 45.02 yuan on Oct. 16, 2026, about five times its IPO price of 8.66 yuan, according to Sina Finance market data.
How US investors can get CXMT exposure
CXMT isn't on Hong Kong Exchanges and Clearing's list of Shanghai stocks eligible for Northbound Stock Connect, updated Oct. 16, 2026, so it can't be bought through the Hong Kong trading link either.
The most direct route is an ETF. The Roundhill Memory ETF (DRAM) holds CXMT through a total return swap rather than the shares themselves. Roundhill's holdings page, checked Oct. 16, lists the swap at 5.31% of the fund, worth about $996 million, up from 2.52% when it first appeared in August. At that weight, $1,000 in DRAM carries about $53 of CXMT exposure.
CXMT's IPO was mainland China's biggest since 2010
CXMT priced its IPO at 8.66 yuan a share and raised 57.92 billion yuan (about $8.6 billion) before the overallotment, the largest mainland listing since Agricultural Bank of China in 2010. It closed its first day of trading, July 27, 2026, at 49 yuan, up 465.82%, as we reported. Chairman Zhu Yiming said he won't transfer any of his own shares for ten years.
CXMT earned $10.8 billion in the first half of 2026
In its first report as a listed company, CXMT posted first-half revenue of 150.31 billion yuan ($22.4 billion), up 873.64% from a year earlier. Net profit came to 77.61 billion yuan (about $10.8 billion), compared with a 2.33 billion yuan loss a year before, as we reported. Both numbers came in above the ranges in its July prospectus, which puts CXMT's 2025 share of the global DRAM market at 7.67%.
CXMT is pushing into smaller memory cells and NAND
CXMT said in September that its fifth-generation DRAM platform is in mass production, though it told the Shanghai Stock Exchange that products made on it "have not yet reached volume sales," as we reported. In remarks reported Oct. 10, president Cao Kanyu said CXMT expects to launch DDR5 server memory using a smaller 4F² cell design around the end of the year. Samsung and SK Hynix shares fell in the next two Seoul sessions.
Reuters reported in September that CXMT is preparing to make NAND flash, the storage memory Samsung and SK Hynix lead, for the first time. The report said it wasn't clear the plan would reach mass production.
What comes next
CXMT's next scheduled disclosure is its third-quarter report on the Shanghai Stock Exchange. The record below logs each step with its source, and the Korean AI stocks page tracks Samsung and SK Hynix, its main rivals.
