CXMT, a premier domestic manufacturer of DRAM memory chips, is poised to commence share subscription on the STAR Market on July 16, with each share priced at 8.66 yuan. Excluding the exercise of the over-allotment option, the total issuance volume will amount to 57.919 billion yuan; if the option is fully utilized, the volume will rise to 66.607 billion yuan. The strategic placement involves 1.667 billion shares, constituting 24.93% of the initial total issuance. Among the strategic investors, four insurance companies, including PICC Property and Casualty, have each been allocated roughly 100 million shares, subject to an 18-month lock-up period. Additionally, various portfolios from the National Social Security Fund and Pension Fund have actively participated in the placement, with a 12-month lock-up period.
During the private financing phase, six insurance companies, such as Harmony Health Insurance, made early investments, collectively holding a stake of approximately 3.96%. Based on the current issue price, these investors have already realized substantial paper profits.
Despite experiencing cumulative losses exceeding 200 billion yuan from 2023 to 2024 due to an industry downturn, CXMT rebounded with a net profit of 18.749 billion yuan in 2025. The company anticipates its net profit for the first half of 2026 to reach between 50 and 57 billion yuan. Some analysts predict that CXMT’s market capitalization could surpass 3 trillion yuan post-listing. At that point, the combined holding value of the six insurance companies that invested early would exceed 100 billion yuan. Furthermore, the 100 million yuan investment by each of the four insurance companies participating in the strategic placement is expected to appreciate to approximately 518 million yuan.