Business
Chip Maker Soars 466% on Debut to Become No. 1 in China Stock Market
SINGAPORE—Memory-chip maker CXMT 688825 465.82%increase; up pointing triangle soared in its stock-market debut to become the most valuable company listed in mainland China, capping the rise of an upstart whose products are sought by Apple.
The company, founded just a decade ago, sported a market capitalization equivalent to $484 billion after its opening day of trading in Shanghai, topping Industrial and Commercial Bank of China to become the most valuable company listed in a mainland Chinese market. CXMT’s market value was just short of China-based internet company Tencent, which is listed in Hong Kong and is the most valuable company in that market.
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