China chipmaker CXMT surges in Shanghai debut

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Changxin Memory Technologies (CXMT) had a blockbuster debut on the Shanghai STAR Market, with shares rising 531.06% to 54.65 yuan and morning turnover of 122.1 billion yuan, briefly making it the largest company by market capitalization on the A-share market as market value topped 3.3 trillion yuan at the opening. The IPO is expected to raise over 66 billion yuan, the largest-ever on the Sci-Tech Innovation Board. CXMT, one of the world’s largest DRAM makers for AI servers, smartphones and personal computers, forecast 110–120 billion yuan in first-half revenue and 50–57 billion yuan in net profit.

CXMT became the A-share market's largest company on debut