[Beijing = E-Daily Lee Myeongcheol Correspondent] Changxin Memory Technology (CXMT; hereinafter “Changxin Memory”), China’s largest DRAM manufacturer, has become the talk of the town after topping the market capitalization rankings on its first day of trading on the Chinese stock market. Local media outlets have also praised the move, noting that China’s “hard technology” (core technologies with high barriers to entry) has taken center stage.

In an editorial published on the 28th, the state-run Global Times reported, “Monday (the 27th) was a historic day for China’s capital market,” adding, “Changxin Memory, a leading domestic memory chip manufacturer, made its stock market debut and rose to the top of the market capitalization rankings.”

According to the Global Times, Changxin Memory became the first A-share (Chinese stock) company to surpass 100 billion yuan in single-day trading volume. It is also the first semiconductor “hard tech” company to rank first in market capitalization among A-shares. The Global Times viewed this as “a clear and powerful signal that hard tech has taken center stage in China.”

The Global Times noted that Changxin Memory has broken the long-standing monopoly of major overseas corporations and achieved independent, large-scale production, assessing that its performance on the stock market is a symbolic example of China’s breakthrough in the field of high-performance semiconductor manufacturing.

The Global Times emphasized, “The global DRAM market has long been dominated by three giants— SamsungElectronics(005930), SK hynix(000660), and Micron—which account for approximately 90% of the global market share,” adding, “Changxin Memory is the fourth company in the world to possess the full capabilities for independent DRAM research and development (R&D) and production.”

The Global Times viewed CXMT’s IPO as a symbol of the momentum of Chinese technology companies. The Global Times explained, “Across China, there are repeated instances of technology companies breaking through external constraints, surpassing global competitors, and creating hundreds of upstream and downstream ecosystems spanning equipment, materials, packaging, and testing,” adding, “Currently, technology companies account for nearly half of the top 10 companies by market capitalization on the Chinese stock market, reflecting a fundamental shift in how investors assess market value.”

However, it pointed out that the memory chip industry is highly cyclical, and it remains uncertain whether the surge in prices and demand driven by the global artificial intelligence (AI) boom will continue. It took a sober view, noting that Changxin Memory currently lags behind its U.S. and South Korean competitors by about two to three generations in manufacturing process technology, and that external constraints—such as restrictions on access to extreme ultraviolet (EUV) lithography equipment—remain significant challenges.

The Global Times reported, “Changxin Memory’s rise to the top ranks in market capitalization is both a milestone and the beginning of a new stress test,” adding, “The company’s true challenge lies in sustaining R&D investment through industry cycles, innovating its architecture, and solidifying its market position with competitive products.”

Meanwhile, Changxin Memory, which listed on the Chinese stock market the previous day, closed at 49.0 yuan (approximately 10,637 won), up 465.82% from its opening price. Its market capitalization on that day reached 3.28 trillion yuan (approximately 712 trillion won), making it the market’s largest company.

Local Chinese media reported that Changxin Memory surpassed Intel’s market capitalization (approximately 684 trillion won) following its listing. On the same day, it also quickly caught up to half the market capitalizations of SamsungElectronics and SK hynix (approximately 1,485 trillion won and 1,294 trillion won, respectively).