CXMT Becomes China's Most Valuable Listed Company After Memory Chipmaker Surges 500% on Debut - Intel (NA

China’s ChangXin Memory Technologies (CXMT) soared more than 500% in its Shanghai debut on Monday, becoming the country’s most valuable listed company by market capitalization.

Asia’s Biggest IPO Delivers Massive Debut Gain

CXMT raised 57.92 billion yuan ($8.55 billion) after pricing its IPO at 8.66 yuan ($1.28) per share, making it Asia’s biggest public offering so far this year.

The stock surged more than 531% to around 54.60 yuan ($8.06), valuing the Hefei-based chipmaker at about 3.68 trillion yuan ($543.41 billion). That market capitalization exceeds Intel Corp‘s (NASDAQ:INTC) roughly $464 billion valuation.

The surge made CXMT the most valuable company listed in China, surpassing Industrial and Commercial Bank of China, which previously held the top spot by market value.