CXMT shares rise 472% as DRAM maker becomes largest China-listed firm by total market cap

Shares of ChangXin Memory Technologies (CXMT), China’s leading maker of dynamic random-access memory (DRAM) chips, rose 472 per cent on their Shanghai trading debut, giving the company a market capitalisation of 3.31 trillion yuan (US$489 billion). The Hefei-based company opened at 49.50 yuan on the Star Market on Monday morning, compared with its initial public offering (IPO) price of 8.66 yuan. CXMT has become the most valuable company listed on the mainland Chinese market. The size of the...