ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, raised RMB57.92 billion ($8.6 billion) in its Shanghai STAR Market IPO on July 27, in what became the largest mainland semiconductor offering on record. By the midday break, its shares had risen 531% from the IPO price, pushing its market value to RMB3.66 trillion and making it the most valuable company listed on China’s mainland exchanges, according to report .
Why it matters: CXMT’s debut is significant first because of its scale. The listing turned a memory-chip manufacturer into China’s largest A-share company by market capitalization, surpassing major banks, internet companies and chipmakers including Intel in market value.
The IPO was the largest listing on Shanghai’s STAR Market and the second-largest IPO on a mainland Chinese exchange after Agricultural Bank of China’s 2010 offering.
