Chinese chip maker stock jumps 470% in debut
Chinese company C.X.M.T., the largest memory chip manufacturer, saw a record increase of over 470% in its stock price on its first day of trading on the Shanghai Stock Exchange, after raising more than $8.6 billion in its initial public offering at a price of 8.66 yuan per share. Founded in 2016, the company focuses on producing DDR chips used in various fields such as artificial intelligence, automotive, and electronics devices. It plays a key role in China's efforts to achieve self-sufficiency in the latest chip technologies despite U.S. sanctions that impose restrictions on importing advanced manufacturing equipment. The success of this offering reflects a boom in China's chip sector, although the company's market value remains below that of global counterparts like Samsung and SK Hynix. During the first quarter, the company's revenues surged by more than 700%, reaching 50.8 billion yuan ($7.5 billion). The rising demand for memory chips driven by increasing AI application usage threatens a global shortage supply and could lead to higher prices in electronic markets.
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