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ChangXin Memory Technologies shares surge on Star Market debut
The IPO valuation for CXMT is about 3.3 trillion yuan, as most shares are initially locked up with only 7% available for trading.
BBC Business reports that shares of China-based memory chipmaker ChangXin Memory Technologies, or CXMT, jumped more than 470% in its debut on the Shanghai Stock Exchange’s tech-heavy Star Market.
The surge lifted CXMT’s valuation to around 3.3 trillion yuan, making it the most valuable listed company in mainland China, despite a recent sell-off in technology stocks globally.
CXMT makes DRAM chips used across artificial intelligence data centers and consumer devices, and the company said it plans to put most of its IPO proceeds toward boosting memory-chip production and research and development.
According to BBC Business, the rally was also driven by supply constraints, with only 7% of CXMT shares available for trading, reflecting strong investor demand for a homegrown chipmaker as China pursues greater technology self-reliance.