Changxin Memory Technologies, or CXMT, was listed on July 27, according to a BlockBeats report. Northeast Securities said it used three cross-checking methods to assess the company: a market-share anchor, a price-to-earnings breakdown, and value per unit of production capacity. Based on those approaches, the brokerage placed CXMT’s valuation in a range of RMB 3.2 trillion to RMB 5.7 trillion.
The firm said minority shareholders’ profit and loss accounted for 73.76% of CXMT’s total in 2025, a level far above Samsung, SK Hynix, and Micron, where the figure was below 1% for each company. Because of that gap, Northeast Securities said the impact of minority interests must be excluded when valuing CXMT.
Assuming the share of minority shareholders’ profit and loss remains unchanged at 24% in 2026 and 2027, the three valuation methods led to the same overall conclusion: after stripping out the effect of minority interests, CXMT’s reasonable valuation falls within the RMB 3.2 trillion to RMB 5.7 trillion range.
Changxin Memory Technologies was listed on July 27, according to BlockBeats. Northeast Securities said it applied three methods for cross-checking the company’s value: a market-share anchor, a price-to-earnings breakdown, and valuation by unit of production capacity. Based on those approaches, it gave the company a valuation range of RMB 3.2 trillion to RMB 5.7 trillion.
Northeast Securities said minority shareholders’ profit and loss accounted for 73.76% in 2025, far above Samsung, SK Hynix, and Micron, where the figure was below 1% for all three. The brokerage said that effect must be excluded in the valuation.
Assuming the share of minority shareholders’ profit and loss stays at 24% in 2026 and 2027, the conclusion from all three methods was the same: after removing the impact of minority interests, CXMT’s reasonable valuation stands at RMB 3.2 trillion to RMB 5.7 trillion.
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