Nomura Says China’s CXMT Could Soar 1,200% Despite Already Gaining Over 500%

Chinese memory chipmaker Changxin Technology Group made a stunning debut on Shanghai’s STAR Market. Its CMXT shares pumped by over 500% on their first trading day. This made the company the most valuable publicly listed firm in China.

Even with the already astounding rally, analysts at Nomura said there could still be much more upside ahead. The investment bank set a target price of 116 yuan, which is about $17.14 per share. This is a potential gain of 1,239% from the listing price of $1.28

CMXT debut makes history in China

CMXT stock opened trading with a bang, climbing as high as 535% before later settling at a stable price of $ 7.68. The company raised 57.92 billion yuan (about $8.56 billion) in its IPO. This is the largest IPO in Asia so far this year.

At its trading price, the company reached a market value of around $517.1 billion, making it China’s largest listed company, according to Benzinga.

The first trading day also broke another record. Over $18.02 billion worth of shares changed hands. This made it the first A-share company in China to record over 100 billion yuan in daily trading volume.

According to the company’s IPO prospectus, it controlled 7.67% of the DRAM market in the fourth quarter of 2025. DRAM chips are used in everything from smartphones and personal computers to AI servers and cloud data centers.

The memory market is led by Samsung Electronics, SK Hynix, and Micron. However, experts say the Chinese company could flip the rankings as demand for AI hardware grows.

Source: Reuters

Theodore Shou, CEO of Yiyi Capital, said he believes the company has the potential to become a global leader over time.

“I have no doubt the company is going to grow to be a global leader,” he said. “It’s maybe just a question of time that it can be not only a challenger, it can be a global champion in this particular sector.”

Nomura says the stock could benefit from AI boom

According to Bloomberg, investment bank Nomura said that CMXT stock could keep pumping as demand for memory chips grows.

An analyst at the firm, Donnie Teng, said worldwide memory demand will increase as AI becomes more advanced. He expects agentic AI to push global memory usage to 7x its current level by 2030.

Nomura also projected that the company’s memory chip production will grow between 40% and 45% every year through 2030, while assigning a $17.14 target.

“We expect CXMT’s market share gain to accelerate considering that the global supply of memory is unlikely to ease in the coming years,” he said. “Strong demand for agentic AI will drive a more than sevenfold increase in global memory usage by 2030”.

Morningstar also added in an analysis that CMXT could be the biggest beneficiary from China’s AI industry. Beijing has been pushing for semiconductor independence, and domestic tech firms are to rely more on local chip suppliers.

“AI investment intensity is starting to pick up, and we foresee strong private and public sector investment into AI infrastructure. We foresee CXMT’s market share to reach 10% in 2026.”

The company’s financial results have greatly improved in recent times. Changxin reported an operating profit of $5.23 billion in the first quarter, compared with an operating loss of 2.83 billion $418 million a year earlier.

For the first half revenue, management expects between $16.25 billion and $17.73 billion. Net profit was also projected to come in between $9.75 billion and $11.08 billion,

Source:: Nomura Says China's CXMT Could Soar 1,200% Despite Already Gaining Over 500%