China memory chipmaker CXMT’s shares soar in blockbuster share listing in Shanghai

Shares of CXMT, China’s largest memory chipmaker, shot skywards on Monday as they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years. CXMT’s shares surged 466 per cent in their first day of trading. The company has become the most valuable one listed on a mainland Chinese exchange, with an estimated market capitalisation of about 3.3 trillion yuan (more than US$487 billion). But that’s still smaller than those of South Korean and American memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology.