Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout.
CXMT shares dropped 7.8 per cent on Monday to close at 41.52 yuan. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before paring back gains.
The market reaction came after the company forecast a record net income of up to US$19.8 billion for the first nine months of 2026, as the domestic chip champion cashed in on artificial intelligence-driven demand and mounted an aggressive challenge to global rivals including Samsung Electronics and SK Hynix.
