CXMT jumps 466% in Shanghai debut, becomes China’s top-valued stock
Why it matters: The $9.8 billion IPO gives Beijing’s chip push a marquee winner as AI demand and US export curbs reshape the memory market.
CXMT surged 466% in its Shanghai trading debut Monday, lifting the Chinese DRAM maker’s market value to about 3.3 trillion yuan, or $487.3 billion, and overtaking Industrial and Commercial Bank of China as the country’s most valuable listed company. The stock closed at 49 yuan, up from its 8.66 yuan IPO price, after touching 55.03 yuan intraday. The company, formerly known as ChangXin Memory Technologies, raised 66.6 billion yuan in what was Asia’s biggest IPO this year. Investors have piled into the stock as Beijing pushes for semiconductor self-sufficiency and AI spending boosts demand for memory chips, though some analysts warned the first-day rally looked speculative.