bbc_business

Chipmaker CXMT becomes mainland China's most valuable listed firm

📰 source: bbc_business · 💼 business

cxmt shares surged 470% on their debut on shanghai's star market, pushing the dram chipmaker's valuation to 3.3 trillion yuan ($487bn) — making it mainland china's most valuable listed firm. the jump came despite a global tech selloff.

only 7% of shares were available for trading, far outstripping demand, said anna macdonald of hargreaves lansdown. cxmt, founded in 2016 by chairman zhu yiming and based in hefei, makes dram chips for ai data centers, phones, and pcs. it plans to use ipo proceeds to boost production and r&d.

the stellar debut offers some relief to beijing after a $1.5tn market slump. it also highlights chinese appetite for homegrown chipmakers as the government pushes self-reliance. samsung, sk hynix, and micron control 90% of the global dram market.

why it matters: cxmt's record debut shows strong domestic demand for homegrown chipmakers, key to china's push for tech self-reliance amid global trade tensions.

source: bbc_business
sentiment: +0.80 · impact: 0.75

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