CXMT Replaces Tencent as World’s Most Valuable Chinese Company
CXMT’s stock rose 467% after its Shanghai debut and an MSCI index inclusion, while Tencent fell 1.2% as AI spending weighed on shares.
- ChangXin Memory Technologies has become China's most valuable company, surpassing Tencent with a market capitalization of $524 billion compared to the internet giant's $510 billion as of Thursday.
- Headquartered in Anhui, the chip manufacturer raised about $8.6 billion in its July 27 IPO, quickly becoming China's largest onshore-listed company and serving as a proxy trade for the country's semiconductor self-sufficiency push.
- Meanwhile, Hong Kong-listed Tencent Holdings has seen shares fall more than 26 per cent this year, with the tech giant declining 4.5 per cent on Thursday amid pressure to catch up to rivals.
- As the world's fourth-largest producer of dynamic random-access memory , CXMT's IPO provides "much more cash to spend for capex," Bernstein analysts wrote in a report on Wednesday.
- MSCI began including the firm in the MSCI China All Shares Index on August 10, with Nomura projecting its global DRAM production share could rise to roughly 18% by 2028.
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The capitalization of the memory chip manufacturer reached about $524 billion, surpassing Tencent with an estimate of $510 billion.
A chip manufacturer traded on the stock exchange for only a few weeks has quickly become the most valuable publicly traded company in China. Changxin Memory Technologies (CXMT) – specializing in memory chips – replaced the Internet group Tencent at the top. On Thursday, CXMT already came to a market value of around 455 billion euros. Tencent was worth about 442 billion euros after price losses. On Friday, the chip manufacturer initially continue…
saarbruecker-zeitung.de
HandelsblattWhile worry about too high spending on AI infrastructure is putting a strain on the stock market's previous top-ranking tencent, chip manufacturer CXMT benefits precisely from this boom.
China's hottest AI chip stock is now one of the world's most valuable chipmakers — rivaling Intel
China's CXMT has become one of the world's most valuable chipmakers following its blockbuster Shanghai debut.Pedro Pardo/AFP/Getty ImagesShanghai-listed CXMT is now worth about $540 billion, putting the Chinese chipmaker just behind Intel.The memory-chip maker has rocketed up the global rankings less than three weeks after its blockbuster IPO.CXMT is now the world's 24th-most-valuable company — and has already overtaken Chinese tech giant Tencen…
CXMT overtakes Tencent as China’s most valuable listed company · TechNode
CXMT Corporation, a Chinese DRAM maker, overtook Tencent on Aug. 13 to become China’s most valuable listed company by market capitalization. CXMT’s market value reached about RMB3.54 trillion, compared with Tencent’s roughly HK$4.01 trillion, or about RMB3.45 trillion. CXMT went public on Shanghai’s STAR Market on July 27 at RMB8.66 a share. It opened at RMB49.50, up 471.59%, pushing its market value above RMB3.31 trillion. The stock later rose …
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