CXMT IPO oversubscribed 212 times in Shanghai listing

CXMT, China's leading DRAM producer, saw its Shanghai IPO oversubscribed 212 times, with nearly 10 million investor accounts applying for shares. The overwhelming demand triggered a clawback mechanism shifting 502 million shares from institutional to retail investors. The final allotment rate was only 0.47% after the online offering expanded to 3.85 billion shares. Professional investors also showed strong interest, with 285 institutional investors submitting bids covering 1.24 trillion shares, 463 times the initial offline tranche. Notably, 153 private fund products managed by High-Flyer Quant, co-founded by DeepSeek founder Liang Wenfeng, bid at 8.78 yuan per share for 12.55 billion shares. Winning lottery numbers will be announced Monday.