UBS said in a July 29 research note that the market’s reset in SK Hynix shares is hard to justify, arguing that the company’s current valuation implies a long-term return profile far below its own forecasts. The bank said SK Hynix is trading at 1.66x 12-month forward price-to-book, a level that implies a long-term ROE of 18.9%, while UBS projects average ROE of 40.2% for 2027 through 2031. UBS kept its buy rating on the stock and cut its target price to KRW 3.0 million from KRW 3.2 million. The note said SK Hynix shares have fallen 52% from their June 22 peak, even though the stock is still up 115% for the year. UBS also pointed to faster-than-expected progress on long-term agreements, stronger demand tied to AI agents, and supply conditions that remain tight across memory markets. It estimated HBM shipments and capacity will keep growing into 2027, while free cash flow could support buybacks and broader shareholder returns. UBS said it has long expected SK Hynix to return 50% of free cash flow to shareholders through a mix of dividends and repurchases.

SK hynix delivered what it described as its strongest quarterly results on record, yet the market reaction was muted as investors focused on where the numbers landed relative to elevated expectations. The company reported KRW 79.3 trillion in second-quarter revenue, up 51% from the prior quarter and 257% from a year earlier, while operating profit reached KRW 60.5 trillion and operating margin climbed to a record 76%. Still, both revenue and operating profit came in below market expectations, and the stock fell in after-hours trading. Management used the earnings call to defend the durability of AI-driven memory demand, arguing that the rise of Agentic AI will support structural growth not only in HBM, but also in server DRAM and high-performance enterprise SSDs. SK hynix said it has already completed long-term agreement, or LTA, negotiations with about 10 customers, including core clients, and described those contracts as strategic tools for supply stability, pricing visibility and next-generation product planning. The company also said HBM4 entered mass production in the second quarter, HBM4E samples were sent to a major customer in the first half, and 2026 capital spending is expected to land in the high end of the KRW 40 trillion range as it accelerates capacity expansion.

July 28 brought a dense mix of crypto market moves, semiconductor headlines, AI developments, and regulatory updates. In equities tied to China’s chip sector, CXMT posted a 465.82% gain on its first trading day, with turnover topping RMB 140 billion and market capitalization reaching RMB 3.28 trillion. Separate reporting cited by The Information said a Shanghai state-backed company has started mass production of self-developed DUV lithography manufacturing equipment, with output planned at around five units in 2026 and about 20 in 2027; SMIC, Hua Hong Semiconductor, and CXMT were named as intended customers. In crypto, most of the highest-volume CEX tokens were down over the past 24 hours, while AEON led the OKX gainers list with an 84.28% rise. Hyperliquid data around the CXMT IPO drew attention after Allium said pre-listing volume reached $17.8 million and that 96% of smart-money accounts had established profitable shorts before the open. Elsewhere, Strategy disclosed its first buyback of Stretch STRC shares under its digital credit securities repurchase plan, and Triple-A’s reported exploit losses expanded to $11.8 million. On policy, BlackRock backed the CLARITY Act, but the U.S. Senate temporarily set the bill aside, while lawmakers in Japan called for easing the country’s 2x crypto leverage cap.

ChangXin Technology, a domestic memory chip maker listed in Shanghai under 688825.SH, made a blockbuster debut on July 27, closing at RMB 49 per share, up 465.82% from its issue price and ending the day with a market capitalization of RMB 3.28 trillion. The company set several records cited in the source material, including the largest IPO in STAR Market history, becoming the first A-share stock to open above RMB 3 trillion in market value, overtaking Industrial and Commercial Bank of China for the top spot in the A-share market-cap ranking, and posting more than RMB 100 billion in first-day turnover. Based on the closing price, one subscription lot would have generated roughly RMB 20,000 in profit. The listing also translated into large paper gains for strategic investors, public and private funds, and company insiders. NIO, which committed RMB 158 million in the strategic placement, was shown with an estimated paper gain of about RMB 740 million, while Wuhan Yibabayi Ling Enterprise Management, identified in the source as a Xiaomi subsidiary, posted a similar first-day gain. Data cited from Chinese financial media showed public funds sitting on about RMB 49.79 billion in static gains and private funds on about RMB 6.509 billion. The report also highlighted founder Zhu Yiming, multiple executives and core technical staff with holdings valued above RMB 100 million, employee incentive shares worth more than RMB 37.6 billion at the close, and the roughly RMB 49.168 billion in missed paper gains tied to Country Garden’s prior exit from a 1.56% stake.

Chinese DRAM maker ChangXin Memory Technologies, or CXMT, officially listed on Shanghai’s STAR Market on July 27, 2026, reaching an intraday market capitalization of about RMB 3.35 trillion, according to 8Marketcap. The valuation is a sharp jump from its IPO value of RMB 579.2 billion and comes despite accumulated uncovered losses of RMB 36.65 billion as of the end of 2025. The company’s turnaround story traces back to the 2016 launch of the “506” domestic DRAM project in Hefei under the leadership of GigaDevice founder Zhu Yiming, backed by Hefei state capital and later a mix of brokers, market investors, bank-affiliated AIC funds, and internet companies. After years of heavy spending on fabs, process development, and yield improvement, CXMT posted a first-quarter 2026 revenue of RMB 50.8 billion and attributable net profit of RMB 24.762 billion, helped by a surge in DRAM contract prices and AI-related memory demand. The report also notes that the valuation carries substantial domestic substitution and AI premium, while process gaps, higher bit costs, customer concentration, and remaining historical losses still weigh on the company’s longer-term fundamentals.

Changxin Technology, referred to in the source as CXMT, surged 465.8% on its first trading day on Shanghai’s STAR Market, with turnover topping RMB 140 billion and market capitalization reaching RMB 3.28 trillion. The debut, according to Odaily, set several A-share records, including the first technology stock to open above RMB 3 trillion in market value and the first stock to post more than RMB 100 billion in single-day turnover while also recording turnover above 50%. Views on where the stock goes next are sharply divided. Nomura assigned a buy rating and a RMB 116 target price, implying a valuation of about RMB 7.76 trillion. Northeast Securities took a more restrained stance, outlining valuation references ranging from RMB 3.22 trillion to RMB 5.7 trillion. Fund managers including ChinaAMC and Harvest also warned that ETF indicative values could diverge from actual NAV because IPO allocations were still marked at the issue price. Odaily also cited HyperInsight data showing split positioning on Hyperliquid before the listing: labeled wallets from the U.S., Hong Kong and mainland China were net long, while South Korean tagged wallets were the main short side. Separately, Milk Road AI analyst Melvin argued the stock’s sharp rise does not change the global DRAM and HBM supply picture in the near term.

Changxin Technology, or CXMT, drew intense market attention after its July 27 STAR Market debut, where the stock opened at 49.50 yuan against an 8.66 yuan issue price and the company’s market value climbed above 3.6 trillion yuan. At the same time, Nomura published its first coverage report, assigning a Buy rating and a 116 yuan target price, a call that quickly became one of the market’s most discussed notes. The bank’s thesis rests on capacity expansion, technology upgrades, stronger pricing, rising AI-led memory demand, and room for domestic substitution in China’s DRAM market. Nomura also projects a sharp rise in revenue and profit through 2028 and expects CXMT’s global DRAM share to increase meaningfully. Still, the report does not ignore downside factors. It highlights risks tied to potential U.S. export restrictions on equipment and materials, heavy cyclicality in the DRAM business, and the possibility that aggressive expansion across the industry could eventually outpace demand. Those concerns mirror issues already flagged in the company’s own listing documents and remain central to how investors judge whether the valuation can hold.

Changxin Technology, or CXMT, is set to debut on Shanghai’s STAR Market at an IPO price of RMB 8.66, implying a post-listing market capitalization of RMB 579.188 billion before any greenshoe exercise. The listing is the largest IPO on the STAR Market to date, but the main discussion has already shifted far beyond the offer price. Northeast Securities analyst Li Jiu valued the company from three separate angles — global market-share parity, earnings-based PE, and capacity-based comparison — and said fair equity value converges at roughly RMB 3.2 trillion to RMB 5.7 trillion after stripping out minority interests. On the same day, Nomura initiated coverage with a Buy rating and a RMB 116 target price, implying a 1,239% upside from the IPO price and a market capitalization of about RMB 7.76 trillion. The gap between the two views comes down to two variables: how large CXMT’s long-term DRAM market share can become, and how much growth premium investors should assign to a domestic Chinese DRAM producer. The company now sells DDR4/5 and LPDDR4X/5/5X products, supplies Alibaba, Tencent, ByteDance and mainstream smartphone supply chains, and held a 7.67% global DRAM share in the fourth quarter of 2025, according to Omdia.