China's leading memory chipmaker, ChangXin Memory Technologies, made a blockbuster debut on Shanghai's STAR Market on Monday, becoming the most valuable stock on China's A-share market — surpassing US chipmaker Intel in market capitalization.
By the midday break, CXMT's market value had hit 3.66 trillion yuan ($541 billion), as its shares surged 531 percent from their IPO price of 8.66 yuan to 54.65 yuan.
The valuation exceeded Intel's market capitalization of $465.6 billion based on its July 24 closing price, according to market tracker Wind Info.
Domestically, CXMT surpassed Industrial and Commercial Bank of China as the largest listed company by market value in the A-share market, underscoring growing investor enthusiasm for the country's semiconductor sector amid efforts to strengthen domestic chipmaking capabilities.
