Price chart
Loading Lighter candles…
About ChangXin Memory Technology
ChangXin Memory Technologies (CXMT) is a Chinese DRAM manufacturer headquartered in Hefei, Anhui. Founded in 2016 as a state-backed venture, CXMT is China's primary domestically-owned DRAM producer, targeting self-sufficiency in memory chips amid US export restrictions. The company produces DDR4 and LPDDR4 DRAM and is ramping toward advanced DDR5 nodes, positioning itself as a strategic alternative to Micron, Samsung, and SK hynix in the Chinese market.
On Lighter, CXMT is a synthetic perpetual market with its own order book. Because each venue quotes the contract independently, Lighter's mark price, funding rate and open interest can differ from the same company's contract on another venue.
CXMT is listed as a Lighter synthetic perpetual market. Prices track traditional-asset exposure synthetically and do not represent ownership of the underlying shares, ETFs, commodities, or cash instruments. Educational market data only — not investment advice.
Sector tags: Semiconductors, China Equity.
CXMT DRAM Process Nodes & HBM Roadmap
ChangXin Memory Technologies (688825.SH) semiconductor nodes, fab capacity, and AI memory progress
Mainstream & Mobile DRAM
Mass-produces 17nm DDR5 and LPDDR5X memory modules targeting server clusters, mobile smartphones, and PC platforms.
AI High-Bandwidth Memory (HBM)
Developing 2.5D/3D TSV (Through-Silicon Via) stack packaging to supply HBM2e and HBM3 modules for domestic AI accelerators.
Semiconductor Localization
Serves as China's primary domestic DRAM supplier, reducing reliance on Micron, SK Hynix, and Samsung Electronics.
CXMT (688825.SH) Listing Facts
STAR Market (科创板) · Listed 2026-07-27
- Issue price
- ¥8.66~$1.28
- Issue market cap
- ¥5.79T~$856B
- Gross proceeds
- ¥57.9B
- Total shares
- 66.881B
- Day-1 free float
- 6.73%4.503B shares
- Strategic placement
- 24.9%
- Online oversub
- >200×
- Institutional oversub
- ~570×
Free-float note: Only 6.73% of shares (~4.50B) were freely tradeable on day 1. This tight float means modest volumes can move the A-share price significantly. The Hyperliquid synthetic has no arb bridge to 688825.SH and trades on expectation alone.
Source: CXMT 688825.SH listing prospectus · as of 2026-07-27
Major Shareholder Lock-up Schedule
SH688825 pre-listing restricted share unlock dates and volumes
| Unlock Date | Unlocked Quantity | Share Category / Lock-up Type |
|---|---|---|
| 2028-06-06 | 103.0M (0.15%) | IPO Pre-listing Restricted Shares |
| 2028-06-27 | 64.63M (0.10%) | IPO Pre-listing Restricted Shares |
| 2028-06-27 | 2.319B (3.47%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 13.04B (19.50%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 5.037B (7.53%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 7.048B (10.54%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 38.31M (0.06%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 5.256B (7.86%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 1.111B (1.66%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 4.760B (7.12%) | IPO Pre-listing Restricted Shares |
Note: Pre-listing original shareholders are subject to mandatory lock-up periods (24 months for tech investors like Alibaba Cloud, 36 months for core founders and state-owned funds). Unlocks do not automatically imply market sales, but represent the date when shares become eligible for trade on 688825.SH.
Source: CXMT 688825.SH listing prospectus · as of 2026-07-27
A-Share Market Hours vs Lighter 24/7 Perpetual
Comparing 688825.SH Shanghai Stock Exchange session hours with continuous crypto trading
- Morning Session
- 09:30 – 11:30 CST
- Lunch Break
- 11:30 – 13:00 CST (Closed)
- Afternoon Session
- 13:00 – 15:00 CST
- Trading Days
- Mon – Fri (Closed Weekends & Holidays)
- Settlement Rule
- T+1 Settlement (No same-day resale)
- Trading Hours
- Continuous 24 Hours / Day
- Lunch Break
- None (No Midday Pause)
- Weekend Trading
- Active 24/7 (No Weekend Shutdown)
- Trading Schedule
- Monday – Sunday 365 Days
- Settlement Rule
- T+0 Instant Execution & Hedging
Frequently Asked Questions
- What was CXMT's IPO issue price?
- CXMT (688825.SH) listed on the STAR Market (科创板) on July 27, 2026 at an issue price of ¥8.66 per share, equivalent to approximately $1.28 at 6.77 CNY/USD. The implied issue market capitalization was approximately ¥5.79 trillion (~$856 billion).
- What percentage of CXMT shares were freely tradeable on listing day?
- Approximately 6.73% of total shares — around 4.503 billion shares out of 66.881 billion total — were in the day-1 free float. This tight float means that even modest trading volumes can produce large A-share price swings. The remaining shares are subject to lock-up restrictions.
- When do major pre-IPO shareholder lock-ups expire for CXMT?
- Pre-IPO shareholders are subject to tiered lock-up periods: technology investors (such as Alibaba Cloud with 2.319 billion shares) have a 24-month lock-up expiring in June 2028. Core founders, management partnerships, Hefei state-owned entities, and National IC Fund II ('Big Fund II') have a 36-month lock-up expiring July 27, 2029 (releasing 36.29 billion shares / ~54.3% of total share capital).
Related instruments
Other Lighter markets sharing this asset's sectors.
Related articles
- Leveraged ETF Perps: Three Kinds of Leverage in One PositionSOXL, TQQQ, SOXS and TZA trade as perpetual futures on crypto venues. Work through the daily-reset arithmetic that makes a flat index cost money in both directions, what the perp wrapper adds on top, and why shorting both sides is a path bet rather than a free harvest.
- Trading Perpetual Futures: How They Work and What You Need to KnowUnderstand perpetual swaps (perps), how they differ from dated futures, how funding rates anchor their price to spot, and basis risk.
- Crypto Funding Rates: What They Are, Who Pays, and How to Trade ThemLearn how crypto funding rates work, how to calculate positive and negative funding fees, and how to read funding dashboards like Coinglass to predict market moves.
