CXMT Tops Mainland China's Listed Firms

CXMT, China's largest memory chip manufacturer, saw its shares rise over 470% on its debut on the Shanghai STAR Market, making it the most valuable listed company in mainland China with a valuation around $487 billion. The company plans to use the IPO proceeds to increase memory chip production and research. This strong performance occurred despite a global selloff in technology stocks and highlights China’s growing presence in the semiconductor industry.

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