Chipmaker CXMT debuts with a 470% jump, valuing it at $487 billion and making it China’s largest company by market cap.
Chipmaker CXMT surged approximately 470% in its IPO debut, pushing its market capitalization to 3.3 trillion yuan ($487 billion USD). The valuation cements its position as the most valuable company in mainland China, surpassing previous leaders in the market.
The DRAM manufacturer, founded in 2016, competes with global giants like SK Hynix, Samsung, and Micron. Its rapid growth and strategic importance have drawn attention amid a broader chip sector rally, though its valuation of nearly 300x 2025 earnings raises questions about sustainability.
The stock, trading under ticker 688825, reflects heightened investor enthusiasm for Chinese tech equities, which have struggled after a strong performance last year. Analysts speculate the IPO could spark renewed speculation in other Chinese stocks.