CXMT Tops China's Mainland Market by Valuation
The offering raised $8.6 billion and drew demand 212 times the retail allotment as AI-driven memory shortages lifted the stock.
- On July 27, ChangXin Memory Technologies shares surged 472% during their Shanghai debut, catapulting the DRAM chipmaker to the top of China's stock market by valuation.
- The offering, worth up to 66.6 billion yuan, raised concerns it would drain funds from other Chinese technology stocks, prompting the China Securities Regulatory Commission to hold stabilization meetings.
- Trading began at 49.50 yuan, a sharp increase from the 8.66 yuan sale price, lifting CXMT's market capitalization to 3.3 trillion yuan from US$85.5 billion during the IPO process.
- Overtaking ICBC as China's most valuable company, CXMT faces high turnover potential; only 6.73% of its enlarged share capital is freely tradable at listing, magnifying price swings.
- HSBC Qianhai Securities noted last week the massive offering could temporarily drain broader Chinese market liquidity, though historical technology listings suggested a rebound in sentiment could follow.
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The IPO instantly made the chipmaker the largest company on mainland China.
China's CXMT surges nearly 500% in explosive Shanghai stock market debut
CXMT, short for ChangXin Memory Technologies, is one of several major players in the memory market that are profiting from the ongoing AI boom. At present, CXMT ranks fourth overall with an eight percent share behind Samsung, SK Hynix, and Micron with shares of 36%, 29%, and 24%, respectively.Read Entire Article
CXMT Soars 466% in Shanghai to Become China’s Most Valuable Firm - Internewscast Journal
Internewscast Journal Internewscast Shares of Chinese memory chipmaker Changxin Technology Group made a blockbuster entrance… This Post: CXMT Soars 466% in Shanghai to Become China’s Most Valuable Firm first appeared on Internewscast Journal
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