CXMT’s first earnings report tests investor confidence after blockbuster IPO

A company that briefly became the most valuable publicly traded firm in China is about to find out whether the hype was warranted. ChangXin Memory Technologies, better known as CXMT, is set to release its first post-IPO earnings report on August 29, giving investors their first real look under the hood of a stock that has done nothing but climb since going public a month ago. CXMT’s shares have surged more than 580% from their IPO price of 8.66 yuan, briefly pushing the company’s market capitalization past 3.3 trillion yuan, roughly $488 billion. The numbers behind the frenzy CXMT debuted on Shanghai’s STAR Market on July 27, raising 57.92 billion yuan ($8.6 billion) in what became the largest IPO in Asia for 2026. On its first day of trading, shares rocketed 466% to reach 49 yuan. Preliminary financials offer some justification for the enthusiasm. Q1 2026 revenue came in at 50.8 billion yuan, a 719% increase compared to the same period a year earlier. Net profit was even more dramatic: 33.012 billion yuan, representing a 1,268% year-over-year jump. The company’s guidance for the first half of 2026 points to revenue between 110 and 120 billion yuan, more than seven times what it ge...