China's CXMT surges nearly 500% in explosive Shanghai stock market debut

ChangXin Memory Technologies (CXMT) surged nearly 466% on its Shanghai debut, closing at CNY 49.00 after pricing at CNY 8.66.

The rally lifted CXMT’s market value to about CNY 3.65 trillion, briefly making it China’s most valuable company and one of its biggest IPOs.

Investors piled into the stock on hopes that fresh capital will boost memory-chip production and strengthen China’s position in the global market.

The debut also reflects intense demand for AI-linked chip makers as China seeks to narrow the gap with Samsung, SK Hynix and Micron.