Memory Chipmaker Chanxin Storage Lists on Shanghai STAR Board Tomorrow, Trading at 56% Discount to Global Peers

According to Bloomberg, China-based memory chipmaker Chanxin Storage (CXMT) will debut on Shanghai's STAR Board (科创板) tomorrow (July 27). At the IPO price, the company trades at a price-to-book ratio of approximately 2.4 times, representing a roughly 56% discount to the average valuation of global DRAM peers including SK Hynix, Micron Technology, and Nanya Technology.

Chanxin Storage perpetual futures contracts linked to its stock traded at around $6.38 on Friday last week, approximately five times the IPO offering price, implying a valuation of roughly $428 billion. Should the stock surge approximately 330% on its first day of trading, the company's market capitalization would surpass that of Industrial and Commercial Bank of China at approximately 2.6 trillion yuan, becoming China's highest-valued listed company.