China chipmaker CXMT's shares surge 470% in Shangai trading debut
China chipmaker CXMT saw its shares jump nearly 470% on its Shanghai debut, trading at 49.50 yuan versus the IPO price of 8.66 yuan. The surge lifted its market capitalisation to about 3.3 trillion yuan, making it the most valuable listed company in China and surpassing ICBC. Only a small portion of its shares are freely tradable, which could amplify price volatility.
- ▪CXMT’s stock opened at 49.50 yuan, a 470% increase from its IPO price of 8.66 yuan per share.
- ▪The company’s market value rose to roughly 3.3 trillion yuan (US$487 billion), overtaking Industrial and Commercial Bank of China as China’s most valuable listed firm.
- ▪CXMT raised 57.92 billion yuan in the IPO, with the potential to increase to 66.61 billion yuan if the over‑allotment option is exercised.
- ▪Only 6.73% of CXMT’s enlarged share capital is freely tradable, which may lead to heightened price swings.
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