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CXMT Tops China's Mainland Market by Valuation
The offering raised $8.6 billion and drew demand 212 times the retail allotment as AI-driven memory shortages lifted the stock.
- 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.
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229 Articles
229 Articles
ChangXin Memory Technologies (CXMT) starred in mainland China's second-largest stock market; the company's role in the midst of the rise of artificial intelligence
·Vicente López, Argentina
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Chip companies in America and Asia have been taking heavy hits on the stock market since yesterday evening. Following the spectacular IPO of Chinese chip manufacturer CXMT yesterday, the belief is growing that China's lag in that market can be closed faster than expected.
·Brussels, Belgium
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With a stock exchange value temporarily over Intel, the Chinese chip manufacturer CXMT caused a stir.
·Zürich, Switzerland
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At its record IPO in Shanghai, CXMT shoots up by more than 500 percent and becomes China's most valuable company. However, the rating is extremely high.
Coverage Details
Total News Sources229
Leaning Left38Leaning Right36Center53Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 30%
C 42%
R 28%
Factuality
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