The booth of SK Hynix during an expo in Shanghai. LONG WEI/FOR CHINA DAILY
Chinese memory-chip-related stocks surged on Monday, led by Shenzhen Longsys Electronics Co Ltd, partly as investors reacted to the impending US listing of South Korean memory chip giant SK Hynix.
Longsys jumped as much as 13 percent in early trading before consolidating gains to close at 681.8 yuan ($100) in Shenzhen. Other memory chip stocks followed suit. CECport hit the daily upside limit, while companies such as JCET advanced.
The sector's momentum was amplified by SK Hynix's upcoming Nasdaq debut. The chipmaker is set to debut on Friday, raising approximately $29 billion in what could be the largest-ever US IPO by a foreign company, Bloomberg reported.
The listing, to be conducted through American Depositary Receipts, or ADRs, under the ticker "SKHY," aims to bridge the valuation gap with US rival Micron Technology.
