Largest chip company's stock hits record on debut
CXM Tech, the fourth-largest chip manufacturer in the world and a Chinese company, saw a significant surge in its share price on its first trading day on the Shanghai Stock Exchange, jumping by 466% to reach a market value of approximately $488 billion after raising around $9.83 billion through its initial public offering. The company focuses on the production of DRAM memory chips and plays a key role in China's efforts to achieve self-sufficiency in the chip industry, especially amid American restrictions that hinder the import of advanced chip manufacturing equipment. Despite this remarkable success, its market capitalization remains below that of competing companies such as South Korea's SK Hynix, valued at $881 billion, and U.S. company Micron, valued at a trillion dollars. This growth helps meet the increasing demand for AI chips, particularly as the global supply is constrained by U.S. restrictions, marking an important step in supporting China's technology and artificial intelligence sectors.
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