CXMT shares soared almost 500 per cent in their trading debut in Shanghai on Monday as investors flocked to the chipmaker amid booming demand for AI memory chips.
The stock opened at Rmb49.50 ($7.30) a share, compared with an IPO price of Rmb8.66.
The share price surge sent CXMT’s market value to Rmb3.1tn, making it the most valuable listed company in mainland China and second only among Chinese groups to Hong Kong-listed Tencent.
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