CXMT shares surge 470% on debut, becoming China's most valuable listed firm

Chipmaker CXMT has become the most valuable listed company in mainland China after its shares surged 470% on the first day of trading. The company, which specializes in memory chips, saw its market capitalization soar to over 1.2 trillion yuan ($165 billion), surpassing industry giants like Kweichow Moutai. The dramatic debut reflects surging investor demand for semiconductor stocks amid the artificial intelligence boom, which has driven up chip prices and fueled expectations of strong growth. CXMT, based in Hefei, is one of China's leading producers of DRAM chips, a key component in AI servers and data centers. The company's listing comes as Beijing intensifies efforts to boost domestic chip production and reduce reliance on foreign suppliers. Analysts expect CXMT to benefit from increased government support and rising demand for AI-related hardware, though the stock's high valuation may face volatility in the near term.