CXMT soared 466% on day one to become China’s most valuable onshore company

CXMT, a Chinese memory chip maker, debuted on the Shanghai stock exchange with a 466% increase, becoming China's most valuable onshore company valued at about $485bn. The IPO raised around $8.6bn, marking Asia's largest listing this year and China's second largest ever. CXMT's growth reflects rising DRAM demand amid AI expansion and supply shortages, with the company rapidly increasing its market share and profitability.