CXMT's gain of more than 500 percent in its Shanghai debut and planned leveraged funds tracking Kioxia show access to memory-chip stocks expanding through two distinct market structures.
Economics & Markets··Morning
CXMT rises more than 500 percent on debut
Hefei-based ChangXin Memory Technologies rose more than 500 percent on its first day on the Shanghai Stock Exchange's STAR board. The company priced its initial public offering at 8.66 yuan a share and raised 57.92 billion yuan, about $8.6 billion. The stock last traded at 52 yuan, giving the company a market value of about 3.5 trillion yuan. CNBC said it held 7.67 percent of the global DRAM market in the fourth quarter of 2025 and reported first-quarter operating profit of 35.43 billion yuan this year.[1]
Leveraged access to Kioxia
Leveraged and inverse exchange-traded funds tracking Japanese memory producer Kioxia are preparing to list in the United States. Applicants include Corgi Strategies, GraniteShares Advisors and Tuttle Capital Management. The products seek to amplify or invert daily returns by using the underlying share, futures and options. The plans arrive as leveraged funds face closer scrutiny over their ability to magnify share-price moves, while Kioxia is already described as a stock experiencing sharp volatility.[2]
Demand expands through two structures
The reports show different forms of interest in memory producers. CXMT's move came during price discovery for a new Shanghai share. The Kioxia plans concern US derivative funds that would amplify or invert daily moves. An offering and first-day price dominate one case; fund rebalancing and leverage define the other. Both widen investor access, while the source and risk of the resulting price movement differ with the market structure.[1], [2]
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