ChangXin Technology Surges 471% on July 27 IPO Debut; Nomura Sets 116-Yuan Target

According to Chaoyang Research, ChangXin Technology surged 471% on its July 27 debut on the Shanghai Stock Exchange's STAR Market, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities issued a buy rating the same day with a 116-yuan price target, implying over 12x upside from the 8.66-yuan offer price. The target reflects a 20x forward P/E on Nomura's 2028 EPS estimate of 5.8 yuan, valuing the company at 7.76 trillion yuan. Nomura highlighted structural DRAM demand growth driven by AI, projecting 60% compound annual growth in AI memory demand from 2026 to 2030 against global supply growth of only 30-40%, creating a sustained supply deficit. ChangXin, the world's fourth-largest DRAM maker with current 10% global market share, is expected to reach 18% by end of 2028.
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