CXMT Shares Surge in Blockbuster Shanghai Stock Market Debut

Shares of ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, soared after making their trading debut on the Shanghai Stock Exchange in mainland China's biggest initial public offering (IPO) in recent years, Angela Barnes reported for Euronews.

CXMT shares soared during their Shanghai debut, highlighting strong investor demand for China's AI chip industry. [Photo: CXMT]

CXMT's shares surged 472% at one point during their market debut and were still trading 462% higher by early afternoon in Asia, giving the company a market capitalization of approximately 3.3 trillion yuan (€415 billion).

The valuation briefly made CXMT the most valuable company listed on a mainland Chinese stock exchange.

However, its market capitalization remained below those of global memory chip leaders Samsung Electronics, SK Hynix, and Micron Technology.

CXMT is among a growing number of semiconductor companies benefiting from the rapid expansion of artificial intelligence.

The company has also gained from China's push for greater self-sufficiency in advanced semiconductor technologies as it faces U.S.-led export restrictions on cutting-edge chipmaking equipment.