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.

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.

Memory

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)

$8.53-0.9%24h

SSE STAR (Shanghai) · China · quoted in USD

Trade CXMT

Bullish catalysts ahead

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. A supply-short market lifts every producer, and CXMT is the newest and fastest-growing one.

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. Each step up the product ladder narrows the gap with Samsung, SK Hynix and Micron.

The third is indexation. A listing this large pulls in passive flows as domestic and global indices add the stock, a mechanical bid that plays out over quarters. The honest counterweight is policy: US export controls already limit the advanced equipment CXMT can buy, and further restrictions can hit the price as fast as any capacity headline.

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 0.011% taker and 0.005% maker, all-in, before any staking discounts. The full schedule is on the fees page.

Related markets on Based

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
Connect a wallet
Any self-custodial wallet works. No account application, no paperwork.
Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
Step 3
Trade 24/7
Stock perps, crypto perps and prediction markets. Nights, weekends, holidays.

Open Based How self-custody works

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.