[China Merchants Electronics] Memory Industry Tracking: CXMT Listed Today, Focus on Prosperous Segments in Memory Supply Chain

English summary

CXMT will list on STAR Market today, July 27. Issue price 8.66 yuan/share, base issuance 6.688 billion shares, representing 10% of total post-issuance share capital. Post-issuance total share capital 66.881 billion shares, corresponding market cap 579.188 billion yuan, expected total fundraising up to 66.607 billion yuan. First-day tradable shares 4.503 billion shares, accounting for 6.73% of current total share capital. Recent DRAM spot prices rebounded and hit new highs; Q3 and Q4 DRAM and NAND contract prices will continue rising but gains marginally converge. Niche memory H2 price increases will far exceed traditional memory products, still recommended to watch. Additionally, current HBM and server DDR price inversion will drive HBM price increases of nearly 100% next year. Over the weekend, South Korea-US reached cooperation of approximately $950 billion, including SK Hynix with US major partners about $750 billion, including over $500 billion AI infrastructure plan with Nvidia; Samsung with Broadcom over $200 billion. ...