AI Memory Demand Lifts CXMT to China’s Most Valuable Company

Shares of Chinese memory chipmaker CXMT rose about 470% on their Shanghai trading debut Monday. The move lifted its market value to roughly 3.3 trillion yuan.

The Hefei-based company raised 57.92 billion yuan, or about $8.6 billion, in Asia's largest initial public offering this year. Investors bid it up as memory prices climb amid demand for artificial intelligence.

CXMT Stock Surge Shows Investors Still Chasing AI Memory Trade

CXMT priced its shares at 8.66 yuan and opened at 49.50 yuan. Only 6.73% of its enlarged share capital trades freely at listing, Reuters reported.

Individual investors submitted 9.4 million orders worth 7.07 trillion yuan. That demand oversubscribed the retail tranche 212 times. The retail order book was roughly 10 times larger than SpaceX's, which set the record for the largest IPO ever.

CXMT now ranks as the most valuable company listed in China. It displaced Industrial and Commercial Bank of China (ICBC), which previously held the top spot.

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