Changxin Memory IPO Imminent, Is It a Real Threat to Korean Semiconductors? | Kim Kyung-hwan, Hana Securities Research Center Team Leader [Double Up]

Watch on YouTube ↗  |  June 05, 2026 at 02:10  |  22:01  |  3PRO TV (삼프로TV)
Speakers
Kim Kyung-hwan — Team Leader
Vincent — Host

Summary

Kim Kyung-hwan from Hana Securities discusses upcoming Chinese IPOs, particularly Changxin Memory, and their implications for Korean semiconductors. He views the CXMT IPO as removing uncertainty for Korean memory stocks and recommends focusing on Chinese tech indices like ChiNext and STAR 50. The host Vincent adds a bullish view on Korean memory semiconductor earnings for Q2.

  • Kim Kyung-hwan discusses three major Chinese IPOs: Changxin Memory (CXMT), YMTC, and Unitree Robotics.
  • CXMT's IPO is seen as reducing uncertainty for Korean semiconductor stocks rather than posing an immediate threat.
  • ChiNext Index is recommended for its high-ROE top holdings and expected new highs in H2 2024.
  • STAR 50 Index improves with CXMT and YMTC listings but carries high valuations.
  • Unitree's humanoid robot IPO is viewed as overhyped with weak fundamentals; better opportunities next year.
  • Host Vincent expects strong Q2 earnings surprises from Korean memory semiconductor companies.
  • The US-China summit in September is considered a non-event for markets.
  • Overall, the discussion favors selective exposure to Chinese tech indices and Korean memory stocks.
Trade Ideas
Kim Kyung-hwan Team Leader 9:26
STAR 50 improves, but high valuation.
The STAR 50 Index will be upgraded by the listings of Changxin Memory and YMTC, making it more representative of China's semiconductor future. Although valuations are extremely high, investors betting on China's future industries should consider the index as the composition improves and liquidity from the IPOs may support further upside.
STAR 50 Index MED
Kim Kyung-hwan Team Leader 20:04
ChiNext top 7 ROE strong, buy dips.
ChiNext Index's top 7 companies have average ROE over 30%, valuations are still 30% below 2021 highs, and the index is expected to make new all-time highs in the second half of 2024. Investors should buy on dips as the index offers exposure to high-quality Chinese capital goods, energy, and AI tech companies with strong fundamentals.
CNXT HIGH
Vincent Host 21:43
Korean memory semi Q2 surprise, buy dips.
Korean memory semiconductor companies will report strong second-quarter earnings surprises in July. Investors should adjust their portfolios in June and buy on dips, maintaining a selective and concentrated approach toward memory semicondutors.
KWEB MED
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This 3PRO TV (삼프로TV) video, published June 05, 2026, features Kim Kyung-hwan, Vincent discussing STAR 50 Index, CNXT, KWEB. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Kyung-hwan, Vincent  · Tickers: STAR 50 Index, CNXT, KWEB