China’s CXMT shares rise 472% on Star Market debut, valuing DRAM maker at US$489 billion
The News
CXMT, China's leading DRAM maker, saw its shares surge 472% on its Star Market debut, resulting in a market capitalization of 3.31 trillion yuan ($489 billion). The stock opened at 49.50 yuan, well above its IPO price of 8.66 yuan. The offering size of up to 66.6 billion yuan is poised to become one of the largest in the market, highlighting strong investor interest in China's semiconductor sector.
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The Analysis
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Shares surged 472% on debut, one of the largest first-day pops.
The opening price was 49.50 yuan compared to the IPO price of 8.66 yuan.
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Key findings
Shares of ChangXin Memory Technologies (CXMT) rose 472% on their Shanghai trading debut.
South China Morning Post- Shares surged 472% on debut, one of the largest first-day pops.
- Market cap of $489 billion exceeds many global chip peers.
Plain English
Loaded language removedShares of ChangXin Memory Technologies (CXMT), China’s leading maker of dynamic random-access memory (DRAM) chips, rose 472 per cent on their Shanghai trading debut, giving the company a market capitalisation of 3.31 trillion yuan (US$489 billion). The Hefei-based company opened at 49.50 yuan on the Star Market on Monday morning, compared with its initial public offering (IPO) price of 8.66 yuan.
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Claims
Shares of ChangXin Memory Technologies (CXMT) rose 472% on their Shanghai trading debut.
South China Morning PostCXMT's market capitalisation reached 3.31 trillion yuan (US$489 billion) after debut.
South China Morning PostThe opening price was 49.50 yuan compared to the IPO price of 8.66 yuan.
South China Morning PostCXMT is China's leading maker of dynamic random-access memory (DRAM) chips.
South China Morning PostThe size of the offering is up to 66.6 billion yuan.
South China Morning PostThe offering size is set to surpass 53.2 billion yuan.
South China Morning Post