Not Alibaba, This Is China's Most Valuable Company Targeted by Apple

ChangXin Memory Technologies (CXMT) has emerged as another company benefiting from the artificial intelligence boom. The RAM manufacturer has now been crowned the most valuable company in its home country of China. This achievement follows the company’s initial public offering debut, which recorded a surge of nearly 466%. The IPO price was set at 8.66 yuan per share and closed at 49.00 yuan. Market capitalisation closed at 3.65 trillion yuan. Fortune noted this is the second-largest IPO in China, following Agricultural Bank of China in 2010. Larry Yang, chief economist at First SeaFront Fund Management, said CXMT’s positive first-day performance reflects optimistic investor sentiment towards the company. Yang added that the funds raised could provide CXMT with new capabilities, enabling it to expand production capacity and increase its global influence. Furthermore, the ability to leverage hardware manufacturers could benefit China in its AI development race against the United States. Globally, CXMT ranks fourth with an 8% market share, trailing behind Samsung (36%), SK Hynix (29%), and Micron (24%). Meanwhile, CXMT, which was founded in 2016, is being courted by Apple. The Cupertino-based giant is reportedly testing DRAM chips for potential use in its future products. Tech Spot noted that becoming a supplier for Apple is one of CXMT’s primary short-term goals.