CXMT shares surge 466% on Shanghai debut, top China stock
Chinese memory-chipmaker CXMT surged 466% on its Shanghai trading debut, making it the most valuable China-listed company. The rally pushed CXMT's market capitalization above that of U.S. chipmaker Intel, according to CNBC. The surge underscores investor enthusiasm for China's push into domestic semiconductor manufacturing.
Shares of Chinese memory-chipmaker CXMT soared as much as 466% on their trading debut in Shanghai, making the company the most valuable China-listed firm by market capitalization, CNBC reported. The rally instantly pushed CXMT's valuation above that of longtime U.S. chip giant Intel.
The debut reflects strong investor demand for companies at the center of China's push to build a domestic semiconductor supply chain, as Beijing has poured state support into memory-chip production to reduce reliance on foreign suppliers. CXMT specializes in DRAM memory chips used in smartphones, computers and data centers.
The surge adds to a run of blockbuster listings on Chinese exchanges this year and highlights how quickly valuations in the sector have risen. Analysts said the debut could encourage further semiconductor listings in Shanghai and Shenzhen, though some cautioned that such steep first-day gains can be volatile once trading normalizes.
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