China’s CXMT shares surge 470% in market debut

Shares of Chinese memory chipmaker ChangXin Memory Technologies (CXMT) jumped as much as 470% in their Shanghai Stock Exchange debut on Monday, briefly surpassing ICBC as mainland China’s most valuable listed company.

The IPO raised more than 46.3 billion yuan, becoming China’s largest mainland technology share sale and beating SMIC’s 2020 record. CXMT, which makes DRAM chips for AI data centres and consumer devices, plans to use the funds to expand production and research. Analysts said strong demand drove the sharp rise.