CXMT listed on the STAR Market today, raising 29.5 billion RMB; Equipment & Materials ETF shares increased by 27.9 billion over the past 20 days

Author: Shen Zhixing (Fintech Industry Analyst)

On July 27, CXMT, a leading domestic DRAM memory chip manufacturer, officially listed on the STAR Market of the Shanghai Stock Exchange. $CXMT(688825.SH) The company's public offering price was set at 8.66 RMB per share, raising a net amount of 29.5 billion RMB, setting a record for the largest single IPO on the STAR Market since its inception in 2019. On the first day of listing, CXMT opened at 12.10 RMB, up approximately 39.7% from the issue price. It briefly touched 14.28 RMB during trading and closed at noon at 13.05 RMB, representing a gain of about 50.7%.

29.5 Billion RMB Raised for Three Key Directions: Wafer Fab Expansion Logic Materializes

According to CXMT's prospectus, the 29.5 billion RMB raised will be allocated to three areas: 7.5 billion RMB for technological upgrades to storage wafer production lines, 13 billion RMB for DRAM process upgrades, and 9 billion RMB for cutting-edge DRAM technology research and development. Among these three major projects, the first two directly target wafer fab capacity expansion and process upgrades—meaning that a combined total of approximately 20.5 billion RMB will flow into the semiconductor equipment and materials industry chain in the form of equipment procurement over the next two to three years.

From the perspective of fund allocation structure, the 13 billion RMB investment in DRAM process upgrades is one of the largest single-scale investments in industry history. This will directly correspond to procurement demands for etching equipment, thin-film deposition equipment, inspection equipment, and CMP polishing equipment. Data from Tiantian Fund shows that as of June 30, 2026, the top five heavy-weight holdings of the Huaxia STAR Semiconductor ETF (588170) were Hua Hai Qingke (CMP polishing, accounting for 10.62% of NAV), AMEC (etching equipment, 10.06%), ZKF Technology (inspection equipment, 8.89%), Tuojing Technology (thin-film deposition, 6.80%), and Huafeng Testing (testing equipment, 6.19%). These five equipment targets account for a combined weight of approximately 42.56%, forming the most direct ETF mapping for beneficiaries of CXMT's expansion chain.

Equipment & Materials ETF Shares Increase by 27.9 Billion in 20 Days; STAR Semiconductor ETF Scale Breaks 33 Billion

The listing effect of CXMT has already been reflected in capital flows in advance. Data from Sohu Securities shows that as of July 23, the shares of the Huaxia STAR Semiconductor ETF (588170) increased by 27.898 billion units over the past 20 trading days, reaching a latest share count of 32.763 billion units, with a latest asset net value of approximately 32.049 billion RMB. During the same period, the overall turnover rate of the constituent stocks of the SSE STAR Semiconductor Materials and Equipment Theme Index (950125), tracked by this ETF, remained at an annual high, with daily trading volumes for some equipment targets breaking through the 10 billion RMB level. Data from Tiantian Fund indicates that as of July 25, the latest scale of this ETF was approximately 33.094 billion RMB, an increase of more than 3 times compared to the end of the first quarter (approximately 8.079 billion RMB).

The compilation rules of the SSE STAR Semiconductor Materials and Equipment Theme Index are worth noting: constituent stocks are limited to the semiconductor equipment and materials segments on the STAR Market, excluding chip design and wafer foundry targets. This compilation logic gives the index a structural advantage in mapping precision for wafer fab expansion and equipment procurement among similar indices—the cumulative precision of equipment procurement mapping is approximately 30 percentage points higher than that of the full-industry-chain chip index.

Expansion Logic Clear, but Short-term Valuation at Historical High Levels

However, the high elasticity of the equipment and materials sector is a double-edged sword. Data from Tiantian Fund shows that the SSE STAR Semiconductor Materials and Equipment Theme Index, tracked by the Huaxia STAR Semiconductor ETF (588170), has accumulated gains of over 70% since 2026, with the P/E ratios of some constituent stocks at historically extreme levels. Although the order growth rates and revenue growth rates disclosed by Hua Hai Qingke and Tuojing Technology for the first half of 2026 remain in the high double-digit range, indicating that fundamentals are digesting valuations faster than the industry average, market divergence regarding 'whether the expansion dividend has been fully priced in' is widening.

Data penetration analysis reveals that the Huaxia STAR Semiconductor ETF (588170), due to its index-level limitation to the equipment and materials segments on the STAR Market, excludes design, manufacturing, and packaging/testing targets, making it one of the most concentrated index tools for mapping benefits to the CXMT industry chain. According to Tiantian Fund data, the management fee for this ETF is 0.50%/year and the custody fee is 0.10%/year. With a current scale of approximately 33.094 billion RMB, its average daily trading volume activity ranks first among similar index products.

The Full Picture of the Storage Industry Chain Behind CXMT's Listing

Public information shows that CXMT is the only domestic enterprise to achieve large-scale mass production of DRAM chips. Its products cover multiple specifications including DDR4, LPDDR4X, and LPDDR5, with main customers including mainstream domestic mobile phone brands and server manufacturers. Against the backdrop of global supply chain restructuring in memory chips, CXMT's capacity expansion is directly related to the order prospects of domestic semiconductor equipment and material companies. According to CXMT's prospectus, the company's DRAM monthly capacity reached approximately 120,000 wafers (equivalent to 12-inch wafers) by the end of 2025. After the completion of the current fundraising projects, the monthly capacity is expected to increase to approximately 180,000 wafers—an additional monthly capacity of about 60,000 wafers corresponds to an equipment investment scale of approximately 15 to 20 billion RMB, which is the largest single-customer new demand in the domestic semiconductor equipment industry in recent years.

Future Focus: Equipment Validation Progress and Wafer Fab Capital Expenditure Guidance

Looking ahead to the second half of the year, there are two key variables affecting the subsequent trends of the equipment and materials sector: First, the progress of equipment bidding and validation for CXMT's expansion projects—if the equipment validation cycle is shorter than expected, bulk orders for equipment companies could materialize in the second half of 2026. Second, the next quarter's capital expenditure guidance from SMIC and Hua Hong Semiconductor—the expansion plans of these two leading wafer foundries serve as another core anchor for the prosperity of the equipment and materials sector.

As of press time, the Huaxia STAR Semiconductor ETF (588170) rose 3.37% intraday to 1.013 RMB, with a trading volume of approximately 17.1 million RMB. The SSE STAR Semiconductor Materials and Equipment Theme Index (950125), tracked by this ETF, rose approximately 3.13% during the same period.

Risk Warning: This article is for industry information reporting purposes only and does not constitute any investment advice. Past performance of the fund products mentioned herein does not predict future performance. Investors should make independent investment decisions based on their own risk tolerance. Fund investment involves risks; caution is advised when entering the market.

Data Sources: CXMT Prospectus, Shanghai Stock Exchange Announcements, Tiantian Fund, Sohu Securities, Huaxia Fund Official Website. Data as of July 27, 2026.