Chipmaker CXMT becomes mainland China's most valuable listed firm
Summary
Shares of CXMT, China's largest memory chip maker, rose more than 470% after its debut on the Shanghai Stock Exchange's STAR Market. This increase gave CXMT a market value of about 3.3 trillion yuan ($487.3 billion), making it the most valuable listed company in mainland China.Key Facts
- CXMT is a major producer of dynamic random-access memory (DRAM) chips used in AI data centers, phones, and computers.
- The company was founded in 2016 and is based in Hefei, Anhui Province, China.
- CXMT plans to use most of the money from its initial public offering to increase chip production and research.
- The stock surge happened despite a global drop in technology stock prices this month.
- The DRAM market is mostly controlled by South Korean firms Samsung and SK Hynix, and U.S. company Micron, which make about 90% of global supply.
- SK Hynix recently raised $26.5 billion in a New York share sale, the biggest ever for a foreign company in the U.S.
- SK Hynix’s shares opened with a 17% rise on Nasdaq but later lost some gains.
- The growth in AI chip demand has increased SK Hynix’s market value to over $1 trillion in South Korea.
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