Changxin Storage to Debut on STAR Market Tomorrow, Valuation May Exceed Industrial and Commercial Bank of China

Changxin Storage (CXMT) is set to debut on the Shanghai STAR Market tomorrow. Based on the issue price, Changxin Storage's price-to-book ratio is approximately 2.4 times, which is about 56% lower than the average level of global DRAM peers. The Hyperliquid perpetual contract linked to its expected stock price reported around $6.38 last Friday, approximately five times the IPO issue price, corresponding to an implied valuation of about $428 billion. If the stock rises about 330% on its first day of trading, Changxin Storage's market capitalization will exceed 2.6 trillion yuan, making it the highest-valued listed company in the A-share market. Huaxi Securities estimates that based on a 40 times valuation of 2026 earnings, Changxin Storage's market capitalization could reach 5 trillion yuan, with expected revenue growing from 277.7 billion yuan this year to 572.7 billion yuan by 2028, and net profit reaching 290 billion yuan.

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