CXMT Shares Surge After IPO
ChangXin Memory Technologies (CXMT), a Chinese memory technology company, saw its stock surge sharply by 531.06% following its first listing on the Shanghai Stock Exchange, closing at 54.65 yuan (approximately $8.05). This increase coincided with the start of trading of its shares on the STAR Market, with morning session sales reaching 122.1 billion yuan, making it the largest listed company by market capitalization, which exceeded 3.3 trillion yuan. The initial public offering (IPO) raised over 66 billion yuan, the largest ever in China's tech sector. The company is expected to generate operating revenues between 110 and 120 billion yuan in the first half of the year, with net profits ranging from 50 to 57 billion yuan.
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