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Zhang Shidong

Howard Liu

The inclusion of ChangXin Memory Technologies (CXMT) in a broad MSCI gauge of Chinese stocks may strengthen the chipmaker’s position as the most valuable stock on the onshore market, with the move expected to spur passive buying, analysts say.
CXMT, China’s biggest maker of dynamic random access memory (DRAM) chips used mostly in electronic products, joined the MSCI China All Shares Index on Monday. The benchmark tracks yuan-denominated stocks as well as mainland Chinese companies trading in both Hong Kong and the US.
The company was expected to become the second-largest constituent behind Hong Kong-listed Tencent Holdings, according to analysts.
The addition followed MSCI’s rule of fast-tracking inclusions of mega initial public offerings 10 days after the start of trading, compared with the quarterly reviews for normal inclusions.
“As China’s leading DRAM maker, CXMT’s inclusion in the main global index system will boost demand for allocations by passive funds and draw more attention to China’s semiconductor and memory industry chains,” Ping An Securities said.
CXMT’s high-profile listing, coupled with China’s rising clout in the global semiconductor supply chain, has drawn overseas investors’ attention, even as access to yuan-denominated stocks remains restricted.
US asset-management firm VanEck, which runs the world’s biggest exchange-traded fund (ETF) tracking semiconductor stocks, could add CXMT to its ETF product as early as September, according to local media reports.
VanEck managed US$237.4 billion of assets by the end of June and is licensed to sell hedge-fund products on the mainland.
CXMT made a milestone debut on July 27, instantly ascending as the biggest listed company on the mainland’s exchanges after a 466 per cent jump on its first day of trading amid investor enthusiasm for the artificial intelligence trade.
It was capitalised at 3.4 trillion yuan (US$504 billion) after surging 480 per cent from its offer price.
Shares of CXMT fell 4 per cent to 50.40 yuan in Shanghai on Monday morning.
The MSCI China All Shares Index tracks 576 stocks trading across mainland China, Hong Kong and the US, with combined market capitalisations of US$4.25 trillion, according to the compiler.
The gauge had dropped 3.6 per cent through the end of July. Tencent, Alibaba Group Holding and China Construction Bank were the three biggest constituents by July 31, according to MSCI. Alibaba owns the South China Morning Post.
CXMT could also join the Star Market 50 index under the Shanghai Stock Exchange soon, a move that would attract billions of yuan from passively managed index funds, according to analysts.
UBS Group initiated coverage last week, touting CXMT as a rare investment opportunity and a major beneficiary of both the global memory upcycle and China’s semiconductor localisation drive.
The Swiss bank expected CXMT’s share of global DRAM bit supply to rise to around 10 per cent by 2028 from about 7 per cent in 2025 as the company rapidly expanded production capacity.
UBS also forecast CXMT to gain ground in the faster-growing server and AI memory market, with its share of China’s server DRAM rising to around 20 per cent in 2028 from about 12 per cent in 2025.
Data-centre revenue was projected to account for more than half of the company’s total revenue by then. High-bandwidth memory was seen as a longer-term growth opportunity as Chinese AI chipmakers localise supply chains.


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Chipmaker’s inclusion in main global index system set to spur passive demand and spotlight China’s growing semiconductor clout: analysts


Chipmaker’s inclusion in main global index system set to spur passive demand and spotlight China’s growing semiconductor clout: analysts.


How China DRAM champion CXMT’s MSCI entry could lure fund inflows, cement its top ranking

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Chipmaker’s inclusion in main global index system set to spur passive demand and spotlight China’s growing semiconductor clout: analysts

Chipmaker’s inclusion in main global index system set to spur passive demand and spotlight China’s growing semiconductor clout: analysts