CXMT nears record Shanghai debut after $9.8 billion IPO
Why it matters: The DRAM maker could become China’s most valuable listed company as AI chip demand lifts semiconductor shares.
CXMT is set to begin trading in Shanghai on Monday after raising 66.6 billion yuan, or about $9.8 billion, in one of China’s biggest domestic IPOs. The company, formerly known as ChangXin Memory Technologies, is the world’s fourth-largest maker of DRAM memory chips and a key part of Beijing’s push to cut reliance on foreign suppliers. Investors heavily chased the deal, with the retail tranche 212 times oversubscribed. Strong demand, restrained IPO pricing and bets in shadow markets have fueled expectations of a sharp first-day jump from the initial 580 billion yuan valuation. A strong debut could quickly make CXMT the most valuable listed company in China.