Chinese chipmaker shares surge 470%

Chinese chipmaker ChangXin Memory Technologies (CXMT) saw its shares surge nearly 470% in its debut on Shanghai's Star Market, becoming mainland China's most valuable listed company with a valuation of around $487 billion. The spectacular surge was driven by strong demand for shares and limited supply, with only 7% of shares available for trading, reflecting Chinese investors' appetite for a homegrown chipmaker as Beijing pushes for technological self-reliance. CXMT manufactures memory chips for AI data centers and other devices, competing against South Korean and US giants that currently dominate the global market.