China’s ChangXin Memory Technologies (CXMT) became the country’s most valuable listed company after its shares surged 470% in their Shanghai debut on Monday, highlighting strong investor enthusiasm for a domestic semiconductor champion at the centre of Beijing’s push for technological self-reliance, Reuters reported.
The memory chipmaker raised 57.92 billion yuan ($8.6 billion) through its initial public offering, making it Asia’s largest IPO this year. CXMT shares opened at 49.50 yuan against an IPO price of 8.66 yuan, sending the company’s market capitalisation to around 3.3 trillion yuan ($487 billion), surpassing state-owned banking giant Industrial and Commercial Bank of China.
