CXMT Shares Suffer Biggest Drop Since July IPO

Shares of CXMT Corp., a leading producer of dynamic random-access memory (DRAM), suffered their largest single-day drop on Thursday since the company went public on Shanghai’s STAR Market in July amid concerns that memory chip prices may be nearing a peak.

The company’s stock closed down 7.79% at 50.52 yuan ($7.53) on the first trading day after the seven-day National Day holiday, wiping out about 290 billion yuan in market value. The stock continued its decline on Friday, falling 4.51% as of noon.