The move and the money raised
CXMT priced its offering at 8.66 yuan a share and raised 57.92 billion yuan. The stock rose more than 500% on its first day in Shanghai; the last reported price of 52 yuan put the company's market value at roughly 3.5 trillion yuan. The tape is loud, but two cash flows should not be confused: the offer price set what reached the company, while the later gap formed among holders in the secondary market. A first-day price shows the force of demand; by itself it adds no new cash to the company.[1]
The fundamental side is not empty. CNBC said CXMT held 7.67% of the global DRAM market in the fourth quarter of 2025. The company reported first-quarter operating profit of 35.43 billion yuan this year, against a 2.83 billion yuan operating loss a year earlier. That turn shows the stock is not resting on a story alone. It still does not mechanically explain the gap between 8.66 yuan and 52 yuan. The offer price, company performance and the free-market price sit on three different pans of the scale.[1]
The sound of free float
Theodore Shou, an analyst cited in the report, said large first-day jumps are not unusual on the STAR board and attributed the scale of this one to limited free float and built-up investor interest. That supplies a plausible market-structure bridge between price and fundamentals: when buying demand meets a small pool of tradable shares, the marginal price can move quickly. It remains an analyst's explanation, not proof from the order book. The alternative is that expectations for DRAM profitability genuinely rose after the offer was priced.[1]
A 500%-plus debut therefore delivers no single verdict; it creates two separate tests. The market-structure test is how price forms under deeper, more ordinary trading conditions. The fundamental test is whether the first-quarter operating-profit turn persists and converts into cash in later periods. If the first fades while the second holds, much of the debut remains a scarcity vote. If both endure, the repricing carries more economic weight. The market priced the flow rather than the narrative; it still has to weigh the fundamental.[1]