Chinese chipmaker shares surge 470%
Chinese chipmaker ChangXin Memory Technologies (CXMT) saw its stock price surge 470% during its Shanghai Stock Exchange debut, despite a global downturn in tech stocks. The IPO highlights strong domestic investor demand as China seeks to achieve self-reliance in the semiconductor industry.
Why it matters
The success of CXMT underscores China's aggressive push to reduce dependence on foreign chipmakers like Samsung and Micron, potentially altering the global semiconductor supply chain.
Share Save Add as preferred on Google Peter Hoskins Business reporter Reuters Shares in China's biggest memory chip maker have surged by more than 470% as they made their debut on the Shanghai Stock Exchange's tech-heavy Star Market.
The surge has pushed ChangXin Memory Technologies' (CXMT) stock market valuation to around 3.3 trillion yuan ($487.3bn; £364.9bn), making it the most valuable listed company in mainland China.
The spectacular debut comes despite a sharp sell-off in technology stocks around the world this month.
CXMT manufactures dynamic random-access memory (Dram) chips that power artificial intelligence (AI) data centres, mobile phones, PCs, tablets and other devices.
The firm, which was founded in 2016 by Chairman Zhu Yiming, is headquartered in Hefei, Anhui Province in eastern China.
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