China's memory chipmaker CXMT shares soar in its blockbuster share listing in Shanghai

China memory chipmaker CXMT's shares soar in a blockbuster share listing in Shanghai

CXMT raised $8.6B in Shanghai IPO (shares +462%) at $487B valuation as China's leading DRAM maker. This reflects Beijing's strategy to build chip autonomy despite U.S. export controls; CXMT needs 15% market share by 2028—up from 8%—to compete against Samsung, SK Hynix, Micron in AI memory infrastructure.