CXMT soared 466% on day one to become China’s most valuable onshore company

CXMT, China's largest memory chipmaker, experienced a massive 466% surge during its Shanghai market debut. This growth, driven by AI-related demand benefiting rivals like Micron, Samsung, and SK Hynix, briefly made the Hefei-based firm China's most valuable onshore company. The company, formerly known as ChangXin Memory Technologies, reached a valuation of 3.28 trillion yuan, approximately $485bn. The chipmaker is reportedly being courted by Apple as it capitalizes on the current global semiconductor boom.