Chinese Memory Chip Maker CXMT Shares Soar 531% on Debut

Shares of Chinese memory chip producer Changxin Memory Technologies (CXMT) rocketed 531.06% to close the morning session at 54.65 yuan (approximately 8.05 US dollars) per share on its debut on the Shanghai STAR Market. CXMT, one of the world’s largest DRAM manufacturers specialising in memory chips for AI servers, smartphones, and personal computers, recorded a turnover of 122.1 billion yuan during the morning session on Monday (27/7). The company became the A-share market’s largest listed entity by market capitalisation after surging 471.6% at the opening, reaching a market cap of more than 3.3 trillion yuan. The highly successful debut capped a historic initial public offering (IPO), with total proceeds expected to exceed 66 billion yuan, making it the largest IPO in the history of the sci-tech innovation board. According to the company, CXMT expects to report first-half operating revenue of 110 billion to 120 billion yuan, with net profit attributable to shareholders of the parent company reaching 50 billion to 57 billion yuan.