CXMT overtakes Tencent as China's most valuable listed company
Memory chip maker CXMT Corporation has surpassed tech giant Tencent to become China's most valuable listed company by market capitalization.
Memory chip maker CXMT Corporation overtook technology company Tencent on August 13 to become China's most valuable listed company by market capitalization. CXMT's market value reached approximately RMB 3.54 trillion, compared to Tencent's roughly HK$4.01 trillion, or about RMB 3.45 trillion.
CXMT went public on Shanghai's STAR Market on July 27 at RMB 8.66 per share. The stock opened at RMB 49.50, an increase of 471.59%, initially pushing its market value above RMB 3.31 trillion.
The stock later rose above RMB 55 intraday, briefly bringing its market capitalization close to RMB 3.7 trillion. This surge underscores China's focus on developing its domestic semiconductor industry and reducing reliance on foreign chip manufacturers.