Market cap trails Samsung, SK Hynix, and Micron
CXMT, China’s largest memory chipmaker, began trading on the Shanghai stock exchange Monday, and its shares surged 472% in the opening session, according to the Associated Press. By early afternoon the shares were trading up 462% from their IPO price.
The company’s market capitalization reached about 3.3 trillion yuan, or more than $487 billion, the AP reported. That makes CXMT the most valuable company listed on a mainland Chinese exchange, though its estimated market value remains smaller than those of South Korean and American memory chipmakers such as Samsung Electronics, SK Hynix, and Micron Technology.
CXMT is among the chipmakers that have benefited from the boom in artificial intelligence, the AP reported. The company’s business is thriving as China pushes for greater self-sufficiency in leading-edge technologies, even as it contends with limited access to advanced chipmaking machines due to American-led export restrictions.