China memory & export controls

CXMT, YMTC and the policy line — domestic capacity, the filings behind it, and where the restriction list actually bites.

Where this stands · August 31, 2026 CXMT H1 2026 — The Plant Predates the Windfall. The Next Build Has Already Started.

4 dated pieces, newest first. Each carries the numbers behind it. Nothing here is investment advice.

CXMT H1 2026 — The Plant Predates the Windfall. The Next Build Has Already Started.

CXMT H1 2026 deep dive: revenue RMB 150.31B (+873.64%), net profit attributable RMB 77.61B, an 84.84% main-business gross margin — earned on a plant built between 2022 and 2024, when capex peaked at RMB.

Earnings · August 31, 2026
sandisk printed an 84.6% datacenter margin the same week idc showed pcs down 4.9% and phones down as much as 11%. the two memory demand lanes are no longer converging.

sandisk printed an 84.6% datacenter margin the same week idc showed pcs down 4.9% and phones down as much as 11%

Weekly issue · August 10, 2026
CXMT IPO — The Record Debut and the Three-Year Gap Underneath It

CXMT (ChangXin Memory) post-IPO deep dive: China's DRAM champion priced at ¥8.66, opened at ¥49.50 and traded up as much as 531% to a ~¥3.3T (~$489B) cap — the largest debut on record and, in a session.

Earnings · July 28, 2026
CXMT Pre-IPO — China's DRAM Champion Comes to Market

CXMT (ChangXin Memory) pre-IPO deep dive: the record ¥29.5B STAR Market listing, a three-year loss-maker that turned a ¥24.8B single-quarter profit, the DRAM super-cycle, and how the memory complex reads it

Earnings · June 3, 2026