China’s memory chipmaker Changxin Memory Technologies (CXMT) surged 531.06% Monday to end the morning session at 54.65 yuan (about $8.05) per share on its debut on the Shanghai STAR Market, becoming the largest listed company by market capitalization on the A-share market, state-run Xinhua News Agency reported.
The company is one of the world’s largest dynamic random-access memory (DRAM) makers, specializing in memory chips that power AI servers, smartphones and personal computers.
Its shares saw a turnover of 122.1 billion yuan ($18 billion) during the morning session.
The company’s market capitalization surged 471.6% at the opening to more than 3.3 trillion yuan ($487 billion).
The blockbuster debut capped a historic initial public offering (IPO), with total proceeds expected to exceed 66 billion yuan ($9 billion), making it the largest-ever IPO on China’s Sci-Tech Innovation Board.
CXMT expects operating revenue to reach 110 billion to 120 billion yuan ($16 billion-$17 billion) in the first half of this year, with net profit attributable to shareholders of its parent company reaching 50 billion to 57 billion yuan ($7 billion-$8 billion).