Chipmaker CXMT becomes mainland China's most valuable listed firm
Shares in China's largest memory chip maker, CXMT, surged over 470% on their Shanghai debut, making it the most valuable listed company in mainland China with a valuation of approximately $487.3 billion.
China's largest memory chip maker, CXMT, has become the most valuable listed company in mainland China following a significant surge in its share price after its debut on the Shanghai Stock Exchange's STAR Market. The company's valuation reached approximately 3.3 trillion yuan ($487.3 billion).
CXMT manufactures dynamic random-access memory (Dram) chips, essential components for artificial intelligence data centers, mobile phones, PCs, and tablets. Founded in 2016, the company is headquartered in Hefei, Anhui Province.
The company plans to allocate a substantial portion of the proceeds from its initial public offering to boost memory chip production and expand its research and development efforts. The strong IPO performance offers some support to Chinese financial officials amid recent stock market volatility.
The global Dram market is primarily dominated by South Korean firms Samsung Electronics and SK Hynix, along with US-based Micron, which collectively account for about 90% of global production.