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.
Subject
#Shanghai
CXMT raises 66.6 billion yuan ahead of blockbuster Shanghai debut
What's new: Investor demand hit 212 times the retail allotment, fueling bets the chipmaker could surge far above its 580 billion yuan IPO valuation.
Bloomberg, BBC News (World) +3
CXMT nears $9.8 billion Shanghai debut as DRAM frenzy lifts valuation
What's new: The IPO was 212 times oversubscribed, putting China’s top memory-chip bet on track to become its biggest listed company on debut.
Xi presses global AI rules as China forms 29-nation group
What's new: The Shanghai-based body aims to coordinate AI governance as China pushes back on security-based tech curbs.
Bloomberg, The New York Times +3
Typhoon Bavi hits eastern China after 1.7 million evacuations
What's new: China suspended schools and transport, canceled hundreds of flights and set aside 40 million yuan for relief.
BBC News (World), Bloomberg +3
Surge partners with FiberHome to build 3,000 FWA sites in Indonesia
The deal also covers 1.6 million CPE devices, inter-island backbone, 300,000 FTTH homepass and 5G FWA solutions.
Antara News, Tribunnews
East Java education office partners with HGI Shanghai on vocational skills
East Java officials signed a LoI in Shanghai and explored joint curricula and international vocational certification.
Republika, Tribunnews
PBOC narrows rate corridor, points China toward overnight benchmark
Why it matters: Tighter control of overnight funding costs could sharpen how China transmits monetary policy through banks and markets.
Bloomberg, The Business Times (Singapore)
Xiaohongshu eyes late-June confidential filing for Hong Kong IPO
What's new: The RedNote owner was valued at about $31 billion last year and projected roughly $3 billion in 2025 profit.