Singapore|Shanghai: Shares of CXMT Corp soared 466% on their Shanghai trading debut on Monday following Asia's biggest IPO this year, catapulting the chipmaker to the top of China's stock market by valuation despite a recent selloff in global tech stocks.
As US curbs intensify competition in the global semiconductor race, CXMT has emerged as a key pillar of Beijing's drive to build a self-sufficient chip industry and close the gap in strategic technologies such as artificial intelligence.
The stock ended at 49 yuan, compared to its sale price of 8.66 yuan per share, after reaching an intraday high of 55.03 yuan. The rally lifted CXMT's market capitalisation to 3.3 trillion yuan ($487.73 billion), sharply up from $85.5 billion during the IPO process.
