Memory chipmaker CXMT’s shares soar in a blockbuster share listing in Shanghai
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Chinese memory chipmaker CXMT debuted on Shanghai’s STAR Market, with its shares jumping more than 470% on the first day of trading. The surge made it the most valuable listed company in mainland China, marking the largest IPO in the country since 2010.
Shares of CXMT, China’s largest memory chipmaker, shot skyward yesterday as they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years. CXMT’s shares surged 466% in their first day of trading. The company has become the most valuable one listed on a mainland Chinese exchange, with an estimated market capitalization of about 3.3 trillion yuan (more than $487 billion). But that’s still smaller than those of South Korean and American memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology. CXMT, or ChangXin Memory Technologies, is among many chipmakers that have profited mightily from the boom in artificial intelligence. Its […]
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