Jaime Xiao on Hefei — the city that turned other people’s rubbish bins into a RMB 3.3 trillion memory empire. CXMT’s STAR Market debut opened up 471.6%, past ICBC to top the A-share table. But the real story is seventeen years of buying distressed assets at scrap value: BOE in 2008, Qimonda’s abandoned DRAM patents in 2009, NIO at USD 1.19 in 2019. Full post below.