'Chinese Semiconductor Firm' CXMT Becomes Market Cap No. 1 on Debut, Surpassing US Intel

On July 27 (local time), shares of Chinese semiconductor firm ChangXin Memory Technologies (CXMT) soared more than 400% on its first day of trading on the Shanghai Stock Exchange, immediately making it the most valuable listed company in mainland China by market capitalization. In terms of market cap, CXMT also overtook U.S. semiconductor company Intel right away.

According to Yonhap News, on the first day of trading on the STAR Market—the "Chinese Nasdaq," a market dedicated to science and technology stocks at the Shanghai Stock Exchange—CXMT closed at 49.0 yuan, up 465.82% from its initial public offering (IPO) price of 8.66 yuan. At one point during trading, its stock price surged to 55.03 yuan, a 535.45% leap.

Based on the closing price, CXMT's market capitalization reached 3.28 trillion yuan (approximately 711.7 trillion won), far outstripping the previous leader, Industrial and Commercial Bank of China (ICBC), which stood at 2.76 trillion yuan (about 598.9 trillion won). This also exceeded the market capitalization of U.S. chip giant Intel, which stood at about 683.8 trillion won, according to the market cap aggregation site CompaniesMarketCap.

Founded in 2016, CXMT is the fourth-largest company in the global DRAM semiconductor market, following Samsung Electronics, SK hynix, and Micron. CXMT conducted its recent IPO amid the semiconductor industry's boom driven by the proliferation of artificial intelligence (AI). The company is reportedly planning to use the capital raised from this IPO for expanding its production lines and advancing its DRAM technology.

This content was produced with the assistance of AI translation services.