Shares of ChangXin Memory Technologies (CXMT) soared on their first day of trading on Shanghai's Star Market, giving China's leading DRAM maker a massive valuation boost. The Hefei-based company priced its initial public offering (IPO) at 8.66 yuan per share, and the stock opened at 49.50 yuan on Monday, according to reports from both CNBC and the South China Morning Post (SCMP).
Both outlets agree the shares rose by roughly 470%: CNBC reports a 470% increase, while SCMP cites a 472% gain. The company raised significant funds, though the exact amount differs slightly between the two reports. CNBC states that CXMT raised 57.92 billion yuan ($8.6 billion), while SCMP notes the offering could reach up to 66.6 billion yuan, potentially surpassing a previous record.
The coverage also differs in emphasis. CNBC highlights the dramatic 470% spike, calling it a 'skyrocket' and focusing on the IPO proceeds. SCMP, on the other hand, provides a more detailed context: it identifies CXMT as China's top dynamic random-access memory (DRAM) chipmaker, gives the exact opening price of 49.50 yuan, and calculates the resulting market capitalisation at 3.31 trillion yuan (US$489 billion). SCMP also notes that the IPO is closely watched, reflecting China's push for semiconductor self-sufficiency.
Only SCMP reports that CXMT's offering is set to become one of the largest on the Star Market, while CNBC leads with the percentage surge and the dollar amount raised. Both reports agree on the company's location, industry, and the stock's strong debut, underscoring investor enthusiasm for China's memory chip sector.