CXMT Soars 466% on Shanghai Debut After Record $8.6B IPO
CXMT Corp., a Chinese memory chip maker, surged 466% on its first day of trading on the Shanghai Stock Exchange, closing at 49 yuan per share against an IPO price of 8.66 yuan. The company raised 57.92 billion yuan ($8.6 billion) in the largest semiconductor IPO on the mainland, according to Reuters. The debut reflects strong investor appetite for domestic chipmakers amid US-China tech tensions.
Key facts
- CXMT Corp. closed first trading session up 466% at 49 yuan per share.
- IPO price was 8.66 yuan per share.
- Raised 57.92 billion yuan ($8.6 billion).
- Largest mainland Chinese semiconductor offering on record.
- Listed on Shanghai Stock Exchange.
- Trading began on Monday.
- Reported by Reuters.
- Company is a memory chip manufacturer.
Entities
Institutions
- CXMT Corp.
- Shanghai Stock Exchange
- Reuters
- CXMT
- Industrial and Commercial Bank of China
- Star Market
Locations
- China
- Shanghai
- Hefei
Sources
- SCMP Lifestyle —
- Quartz —