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Chinese firm posts 466% first-day rise
Chinese technology company Changxin achieved a historic milestone on its first day of trading at the Shanghai Stock Exchange, with its shares soaring by 466%, making it the most valuable company in the Chinese market. The company raised 57.92 billion yuan (approximately $8.6 billion) through its offering, and its shares traded at 49 yuan, pushing its market capitalization to around 3.3 trillion yuan, surpassing the Industrial and Commercial Bank of China (ICBC). The firm is considered one of the largest manufacturers of dynamic random-access memory (DRAM) in the world, specializing in memory chips used in AI servers and smartphones. Experts anticipate operational revenues of between 110 and 120 billion yuan in the first half of the year, with net profits ranging from 50 to 57 billion yuan. Analysts expect the company to develop into a global leader in its sector.
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