CXMT Corp. closed its first trading session on Monday up 466%, ending at 49 yuan against its IPO price of 8.66 yuan per share, after raising 57.92 billion yuan ($8.6 billion) in the largest mainland Chinese semiconductor offering on record, according to Reuters.
The debut lifted CXMT’s market capitalization to 3.3 trillion yuan ($488 billion), surpassing banking giant Industrial and Commercial Bank of China and making the Hefei-based chipmaker China’s most valuable onshore-listed company
CXMT stock reached an intraday high of 55.03 yuan before pulling back to close at 49 yuan. CXMT’s Monday session generated roughly 141 billion yuan in trading volume on the Shanghai exchange, a level no A-share stock had previously reached in a single day. At the time of listing, just 6.73% of total shares were available for trading, with the remainder subject to lock-up restrictions.
The IPO surpasses SMIC’s $7.5 billion Shanghai share sale in 2020. Retail demand was intense, with Bloomberg reporting the public tranche drawing 9.4 million individual orders totaling 7.07 trillion yuan — a subscription rate 212 times the available allocation. CXMT, formerly known as ChangXin Memory Technologies, is the world’s fourth-largest producer of dynamic random-access memory chips — components used in devices ranging from smartphones to AI servers.