Chipmaker CXMT Surges Over 470% in Debut to Become China’s Most Valuable Stock
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A mobile phone displays CXMT Corp.’s first day of trading on July 27. Photo: VCG
Shares of CXMT Corp. (688825.SH) skyrocketed more than 470% in their Shanghai debut Monday, propelling the memory chipmaker to a 3.3 trillion yuan ($487 billion) valuation and crowning it China’s most valuable listed stock.
The colossal listing — the STAR Market’s largest ever after raising 57.6 billion yuan — siphoned liquidity from the broader market, dragging down major Chinese indexes and sparking a semiconductor sell-off.
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