The shares of the Chinese company CXMT, which specializes in manufacturing electronic chips, jumped by more than 500% today, Monday, following its listing on the “Star Market” platform for technology stocks on the Shanghai Stock Exchange.
The Chinese company raised 57.92 billion yuan ($8.6 billion), after pricing its initial public offering at 8.66 yuan per share, making it the largest public offering in Asia during the current year so far.
The share price of CXMT – which was founded in 2016 – reached 52 yuan, bringing the company’s market value to about 3.5 trillion yuan.
According to the IPO prospectus, CXMT will acquire 7.67% of the dynamic random access memory (DRAM) market in 2025.
This offering comes at a time when the company is witnessing increasing interest, following reports issued earlier this month, stating that Apple had begun testing CXMT memory chips for use in its devices sold in China.
