How to buy CXMT stock (ChangXin Memory)
The direct answer first: CXMT shares exist, but you probably cannot buy them. ChangXin Memory listed on Shanghai's STAR Market on July 27, 2026, and that exchange is effectively closed to foreign retail investors. This page explains what the company is, why the usual routes do not work, and how the CXMT market on Hyperliquid gets around the problem.
What ChangXin Memory is
CXMT is China's answer to the memory oligopoly. DRAM, the working memory in every phone, PC and server, is made at scale by three companies: Samsung, SK Hynix and Micron. CXMT, founded in 2016 and built with heavy state backing, is the fourth, and the only Chinese producer that matters. It supplies the domestic electronics industry that the rest of the memory market effectively locked out of leading-edge supply.
The scale is now public record. The STAR listing priced at 8.66 yuan a share and the stock closed its first day up 466 percent, briefly making CXMT the largest company in the entire A-share market by capitalization. It was the largest IPO in the STAR Market's history, landing in the strongest DRAM pricing cycle in decades.
Why you still cannot buy it
The STAR Market sits behind China's capital controls. Trading it directly requires a mainland brokerage account, which requires mainland residence and a local bank card. The Stock Connect schemes that let foreigners buy some Shanghai and Shenzhen shares do not cover new STAR listings for ordinary retail investors, and qualified foreign institutional quotas are for institutions, not for you.
The one workaround is dilution. A US-listed memory ETF holds CXMT at a single-digit percentage weight alongside the big three. If your view is on CXMT specifically, a fund that is ninety-plus percent other companies is a blunt way to express it.
What Based offers instead
The CXMT market on Hyperliquid tracks the Shanghai-listed stock, quoted in USD and open 24/7, including the hours and days when the STAR Market is closed. Based is the self-custody wallet you trade it from. Access needs no brokerage account, no bank account, just a self-custodial wallet funded with USDC, and no Chinese residence or mainland bank card. You are trading a derivative: price exposure, long or short, with liquidation risk and funding fees. You do not own CXMT equity and you hold no shareholder rights. Based is not a broker.
One honest warning specific to this name: STAR IPO stocks are extremely volatile, and CXMT's first weeks have been no exception. The perp tracks that volatility around the clock, including weekends, when the underlying market is shut and liquidity is thinner. Size positions accordingly.
ChangXin Memory (CXMT)
$6.21+0.5%24h
Mark price at , refreshed hourly. Live price in the app.
SSE STAR (Shanghai) · China · quoted in USD
What to watch
The first is the cycle itself. DRAM contract prices nearly doubled in the first quarter of 2026 alone, according to TrendForce, as AI demand and the big three's shift toward HBM squeezed commodity memory supply. TrendForce expects gains to slow to 13 to 18 percent in the third quarter as PC and phone buyers hit their limit, and commodity DRAM, CXMT's core business, is where that slowdown shows up first.
The second is product. CXMT is ramping DDR5 output and pushing toward higher-value memory, including the HBM class that the AI buildout cannot get enough of. IPO proceeds are earmarked for exactly that: capacity upgrades, DDR5 process iteration and forward-looking research. Progress up that ladder is what to track against Samsung, SK Hynix and Micron.
The third is indexation. A listing this large is a candidate for benchmarks such as the STAR 50 at future index reviews, which move passive money in or out on a schedule. The risks are just as concrete. US export controls already limit the advanced equipment CXMT can buy, and further restrictions can hit the price as fast as any capacity headline. And fresh STAR listings swing hard in both directions.
The rest of the memory trade
CXMT is one corner of the complex. Micron is the American incumbent, SK Hynix and Samsung are the Korean pair CXMT is chasing, and the memory stocks hub maps the whole sector. We also wrote a guide to trading CXMT and Unitree from outside China.
Fees are flat and public: stock perps start at 0.014% taker and 0.008% maker, all-in, before any staking discounts. The full schedule is on the fees page.
Related markets on Based
The bull and bear case for ChangXin Memory
Bull case
- China's homegrown DRAM champion and the world's fourth-largest memory maker.
- Listed on the STAR Market on July 27, 2026 in that market's largest IPO ever, closing its first day up 466 percent.
- IPO proceeds fund a DDR5 capacity ramp and a push toward higher-value HBM-class memory.
Bear case
- US export controls already limit the advanced equipment it can buy, and tighter rules are a standing threat.
- Fresh STAR Market listings tend to be volatile.
- Competes against the three established DRAM makers: Samsung, SK Hynix and Micron.
Facts as of September 2026. For information only, not financial advice. Both cases describe the underlying company; on Based you trade a perpetual future that tracks its price, with liquidation risk and funding fees.
Frequently asked questions
- Can I buy CXMT stock outside China?
- Not through a normal broker. ChangXin Memory listed on Shanghai's STAR Market in July 2026, and the STAR Market is effectively closed to foreign retail investors: it needs a mainland brokerage account with local residence and banking, and the usual connect schemes do not cover it for ordinary investors. The CXMT market on Hyperliquid, traded through the Based wallet, gives you 24/7 price exposure without owning shares.
- What is CXMT?
- ChangXin Memory Technologies is China's homegrown DRAM maker, founded in 2016 and backed heavily by the Chinese state as the national answer to Samsung, SK Hynix and Micron. It is the world's fourth-largest DRAM producer and the only Chinese company making commodity memory at serious scale.
- What is the CXMT market on Based?
- CXMT is a perpetual futures market on Hyperliquid, a decentralised trading platform, tracking the price of ChangXin Memory's Shanghai-listed shares, quoted in USD and open 24/7. It is a derivative, not equity: no dividends, no voting rights, with liquidation risk and funding fees like any perp.
- Is CXMT affected by US export controls?
- Yes. US export rules restrict the advanced chipmaking equipment Chinese fabs can buy, which caps how quickly CXMT can close the technology gap with the big three memory makers, and tighter rules remain a standing risk. That policy exposure is one of the main things that moves the stock.
Start in three steps
- Step 1
Log in
Log in with your email or Google account. Based supports social logins for convenience, provided by Privy, a Stripe company. Wallets are self-custodial: only you have access to your funds. Neither Based nor Privy can access your wallet or account.
- Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
- Step 3
Trade 24/7
Stock and crypto perps. Nights, weekends, holidays.
Based is a self-custody wallet, not a broker. Markets are perpetual futures on Hyperliquid: derivatives with liquidation risk and funding fees, not the underlying stocks or coins. For information only, not financial advice.