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Source: China Fund News
Overview
The ChiNext index once fell over 3%, with the semiconductor sector declining.
Let's review the latest market movements and news from the morning of July 28. At the start of trading, the three major A-share indices opened lower, with the ChiNext index dropping over 3% before rebounding and climbing back. As of the time of writing, the Shanghai Composite Index was down 0.54%, the Shenzhen Component Index fell 1.50%, the ChiNext Index dropped 2.25%, and the STAR 50 Index declined 0.72%.
By sector, photolithography concept stocks gapped significantly higher at the open. Power generation equipment, baijiu, and banking sectors were active, while memory, semiconductor, and communications equipment sectors led the declines.
Hong Kong stock markets moved higher, with the Hang Seng Tech Index expanding its intraday gain to 1%. Horizon Robotics, Li Auto, and JD.com were among the top gainers.
Cxmt Corporation opened sharply lower before turning positive. Semiconductor concept stocks collectively fell after the US semiconductor sector suffered a heavy blow overnight and South Korean stocks triggered a circuit breaker amid a sharp selloff. Domestically, the memory chip and semiconductor sectors came under pressure. At the open, semiconductor concept stocks collectively moved lower, with Pu Ran Shares, Zhenbao Technology, and Gigadevice all falling over 7%.
Cxmt Corporation (ASX equivalent: Cxmt Technology) opened down 7.71% today before oscillating higher. As of the time of writing, the stock had turned positive, rising 0.84% to 49.41 yuan per share, giving it a total market capitalization of 3.3 trillion yuan.
On July 27, Cxmt Corporation officially debuted on the STAR Market (科创板), breaking multiple A-share records on its first trading day: it became the first A-share technology stock to surpass a 3 trillion yuan market cap at the open; it topped the STAR Market in market value, surpassing SMIC to become the highest-valued listed company on the board; and it was the first A-share stock to record a single-day trading volume exceeding 100 billion yuan, with turnover topping 100 billion yuan in just the first hour of trading.
Mizuho Securities initiated coverage on memory chip maker Cxmt Corporation, setting a target price that represents a 43% premium over the stock's Monday closing price. The firm predicts that the chip price upcycle will extend through 2028. Mizuho Securities issued a research report setting a target price of 70 yuan for Cxmt Corporation. The stock closed at 49 yuan per share on Monday, with an IPO price of 8.66 yuan per share.
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Responsible editor: Song Yafang