A 526% Premium to Half of SK Hynix's Market Cap, Changxin Issues Strong Vote of Confidence with 7.7% On-Chain Market Share

BlockBeats News, July 15th, according to Hyperinsight monitoring, on-chain funds have preemptively priced the growth of ChangXin Storage. The Pre-IPO contract price of CXMT (ChangXin Storage, listed entity is ChangXin Technology) on Hyperliquid is hovering around $8.0. Converted based on a post-issuance total share capital of 66.881 billion shares, the on-chain implied market value is approximately $535 billion, equivalent to about RMB 36.3 trillion.

Compare the on-chain implied market value with the shares of various DRAM manufacturers and today's market value:

Samsung Electronics: 40.5% DRAM share, market value approximately $1.22 trillion (including non-storage businesses such as mobile phones, foundries) — CXMT is about 44% of Samsung;

SK Hynix: 29.6% share, market value approximately $1.06 trillion (based on KOSPI) — about 50% of SK Hynix;

Micron Technology MU: 19.9% share, market value approximately $1.13 trillion — about 47% of Micron;

Nanya Technology: 1.6% share, market value approximately $51.6 billion — about 10.4 times of Nanya Technology.

By calculation, on-chain investors are willing to pay approximately $69.5 billion for each 1% point of DRAM share for ChangXin, nearly double that of Hynix (approximately $35.8 billion).

In terms of news, ChangXin Technology will start IPO subscription on the Science and Technology Innovation Board tomorrow (July 16th), with an issue price of RMB 8.66 (about $1.28), and is scheduled to be listed on July 27th. Based on this, the on-chain marked price has a premium of about 526% over the issue price, with an implied market value of 6.3 times the issue price market value (approximately $85.4 billion).

According to the CFM Flash Market Q1 2026 report, ChangXin Storage's DRAM sales revenue in Q1 was approximately $7.309 billion, with a market share rising to 7.7% and ranking fourth globally. This is more than double the approximately 3% in Q1 2025.

The company expects that the revenue growth rate in the first half of 2026 will be more than 6 times year-on-year, and the non-net profit growth rate will be between 22.8 times and 25.3 times; SemiAnalysis estimates that its monthly wafer capacity by the end of 2026 will be approximately 350,000 wafers, approaching Micron's approximately 385,000 wafers, ranking close to the third in the world in terms of wafer capacity.