China memory chipmaker CXMT skyrockets 470% in Shanghai debut
CXMT raised 57.92 billion yuan in Asia’s biggest IPO this year, while only 6.73% of its enlarged share capital was freely tradable.
- On July 27, ChangXin Memory Technologies shares surged 472% during their Shanghai debut, catapulting the DRAM chipmaker to the top of China's stock market by valuation.
- The offering, worth up to 66.6 billion yuan, raised concerns it would drain funds from other Chinese technology stocks, prompting the China Securities Regulatory Commission to hold stabilization meetings.
- Trading began at 49.50 yuan, a sharp increase from the 8.66 yuan sale price, lifting CXMT's market capitalization to 3.3 trillion yuan from US$85.5 billion during the IPO process.
- Overtaking ICBC as China's most valuable company, CXMT faces high turnover potential; only 6.73% of its enlarged share capital is freely tradable at listing, magnifying price swings.
- HSBC Qianhai Securities noted last week the massive offering could temporarily drain broader Chinese market liquidity, though historical technology listings suggested a rebound in sentiment could follow.
25 Articles
25 Articles
Associated Press News
China’s memory chipmaker CXMT shares soar in its blockbuster share listing in Shanghai
Shares of Chinese memory chipmaker CXMT have soared as the company began trading in Shanghai in mainland China’s biggest IPO in recent years.
US Stock Market: CXMT shares soar 470% in Shanghai debut, becomes China's most valuable listed company
CXMT Corp shares surged dramatically on their Shanghai trading debut. The memory chipmaker's stock price increased by as much as 470%. This surge briefly made CXMT China's most valuable listed company. The blockbuster listing offers investors a test of appetite for the semiconductor sector. CXMT raised over $8 billion through its initial public offering.
Chipmaker CXMT Surges Over 470% in Debut to Become China’s Most Valuable Stock
Chipmaker CXMT Surges Over 470% in Debut to Become China’s Most Valuable Stock - The STAR Market’s largest IPO mints massive windfalls for early backers while draining liquidity from broader Chinese indexes
Chinese chipmaker CXMT soars more than 500% on debut
The race to build data centres that power artificial intelligence has fuelled a major global memory chip shortage and caused business to boom for the companies that produce them. ChangXin Memory Technologies (CXMT) is the world's fourth-largest maker of DRAM memory chips, with nearly eight percent market share. It wants to rival South Korea's Samsung Electronics and SK hynix, and US giant Micron. The firm's shares rocketed more than 500 percent …
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