CXMT Shares Surge 470% in Shanghai Debut

Chinese memory chipmaker Changxin Memory Technology (CXMT) saw its shares skyrocket 470% on its first day of trading in Shanghai, making it mainland China’s most valuable listed company.

The blockbuster initial public offering, Asia’s largest this year, raised billions and underscored investor confidence in China’s semiconductor sector.

Analysts at Nomura predicted the stock could rally more than 1,200% from its IPO price as it wins market share.

The debut comes amid an AI-driven boom in chip demand and Beijing’s push for self-sufficiency.