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The Nexus
BUSINESSJul 27 · 09:24 UTCSCMP WORLDBrian Rhoads,Raymond Ma

CXMT surge shows why China stock buyers see IPOs as one-way bet

Chipmaker CXMT's stock surged over fivefold on its Shanghai debut, reaching a market capitalization of 3.3 trillion yuan, surpassing Industrial and Commercial Bank of China. The AI-driven demand for memory chips fueled the surge, with the stock closing at 49 yuan versus an initial price of 8.66 yuan.

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CXMTorganizationIndustrial and Commercial Bank of ChinaorganizationStar MarketplaceArtificial Intelligencetopicmemory chipstopicHefeiplace
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