China’s State Banks Sit on Massive Paper Gains After Chipmaker CXMT’s Blockbuster IPO

China’s State Banks Sit on Massive Paper Gains After Chipmaker CXMT’s Blockbuster IPO

Five Chinese state-owned banks hold paper gains as CXMT, a memory chipmaker, became China's most valuable stock post-IPO, surpassing ICBC. Beijing's chip subsidies are profitable, reshaping competition and forcing tech firms to recalibrate China supply-chain risk.