ChangXin Memory: Free float and valuation

$CXMT is up 466%… and today it barely moved.

That might actually be the most important signal.

Because only 6.73% of shares are freely tradable.

Tiny float.
Massive demand.
That’s how you get a +466% explosion.

Another crazy stat:

💰 ¥141.1B traded in ONE day.

That’s the highest single-day turnover in A-share history.

The bull case:
✅ Revenue +719%
✅ Turned a loss into a profit
✅ Riding the global memory boom

The bear case:
❌ Export-control risks
❌ Memory industry is highly cyclical
❌ Valuation distorted by the tiny free float

Bottom line:

The business may be improving.

The stock price? It may still be driven more by supply than fundamentals.

Making investing simple and easy. Not financial advice.

Public references

Company materials for further reference. Directories change over time; this note retains its original date, views and figures.

• Shanghai Stock Exchange — CXMT announcements (reference directory)