Topic
cxmt
Finance CXMT Soars Over 500% on Debut, Becomes China’s Most Valuable Listed Company on AI Memory Boom
ChangXin Memory Technologies (CXMT) surged over 500% on its Shanghai debut, reaching a market capitalisation of 3.65 trillion yuan ($539.21 billion) and becoming China's most valuable listed company. The IPO, Asia's biggest this year, raised 57.92 billion yuan ($8.6 billion), reflecting strong investor demand for a domestic semiconductor champion central to Beijing's tech self-sufficiency drive.
Technology CXMT Surges 470% on Debut to Become Mainland China's Most Valuable Listed Firm
Shares in CXMT, China's largest memory chipmaker, surged more than 470% on its debut on Shanghai's STAR Market, pushing its valuation to about 3.3 trillion yuan ($487.3bn) and making it the most valuable listed company in mainland China. The IPO comes amid a global tech selloff and a recent slump in Chinese stocks. CXMT manufactures Dram chips used in AI data centres, mobile phones, and PCs, and plans to use IPO proceeds to boost production and R&D.