Chinese chipmaker CXMT soars almost 500% in market debut

CXMT’s Strong Debut Boosts China’s Bid to Conquer Memory Chips

Shares of ChangXin Memory Technologies (CXMT), China’s leading maker of dynamic random-access memory (DRAM) chips, rose 472 per cent on their Shanghai trading debut, giving the company a market capitalisation of 3.31 trillion yuan (US$489 billion).

The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia's biggest so far this year.

The IPO will be Asia's largest so far this year and the biggest Chinese A-share semiconductor offering ever, surpassing chipmaker SMIC's share sale in 2020, according to Reuters.