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Euronews
Euronews
Angela Barnes

China memory chipmaker CXMT's shares soar in blockbuster listing

CXMT China Memory United States Kyle Chan SK Hynix Counterpoint Research Samsung Shanghai

CXMT's shares surged 472% in their market debut and were trading up 462% by early afternoon in Asia, making it the most valuable company listed on a mainland Chinese exchange, with a market capitalisation of about 3.3 trillion yuan (approximately €415 billion). Even so, its market capitalisation remains below that of South Korean and US memory chipmakers Samsung Electronics, SK Hynix and Micron Technology.

CXMT is among a growing number of chipmakers that have benefited enormously from the artificial intelligence boom. The company has also prospered as China pushes for greater self-sufficiency in advanced technologies while grappling with restricted access to cutting-edge chipmaking equipment under US-led export controls.

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