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The Economic Times
The Economic Times
Business
Anupam Nagar

Global Market: CXMT shares soar 470% in Shanghai debut, becomes China's most valuable listed company

CXMT China Shanghai IPO Memory Semiconductor

Shares of Chinese memory chipmaker CXMT Corp surged as much as 470% on their trading debut in Shanghai on Monday, making it the biggest IPO success in Asia this year and briefly turning the company into China's most valuable listed firm, according to a Reuters report.

The stock opened at 49.50 yuan, sharply above its IPO price of 8.66 yuan per share. The rally pushed the company's market capitalization to about 3.3 trillion yuan ($487.3 billion), a dramatic jump from its IPO valuation of around $85.5 billion.

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