CXMT's valuation exceeds $500 billion while Xiaomi shares jump on new SUV launch

ChangXin Memory Technologies (CXMT), a Chinese DRAM chipmaker founded in 2016 and based in Hefei, saw its shares rise 8.95% to 57.60 yuan, pushing its market value to about 3.54 trillion yuan (roughly $523 billion). The company raised about 57.9 billion yuan ($8.6 billion) in its STAR Market IPO to expand capacity and reduce dependence on foreign chip suppliers, holding roughly 7.7% of the global DRAM market and targeting domestic high‑bandwidth memory production by 2027.

Xiaomi Corporation’s Hong‑Kong‑listed shares surged 8.95% to 31.88 HKD after the firm confirmed a Thursday launch of two new SUV models, the N90 and N70. The rally follows earlier gains as Xiaomi expands its electric‑vehicle lineup beyond the SU7 sedan. In June the company delivered over 30,000 vehicles, with cumulative shipments of more than 180,000 units from January to June, aiming for 550,000 deliveries in 2026. Analysts note the stock’s momentum may be bolstered by Xiaomi’s ties to China’s domestic chip sector, including backing from CXMT.