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

Shares of CXMT, China’s largest memory chipmaker, soared Monday after they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years.

HONG KONG — Shares of CXMT, China’s largest memory chipmaker, soared Monday after they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years.

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CXMT’s shares surged 472% and were trading up 462% by early afternoon. It has become the most valuable company listed on a mainland Chinese exchange, with a market capitalization of about 3.3 trillion yuan (more than $487 billion). But its estimated market value is still smaller than those of South Korean and American memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology.

CXMT is among many chipmakers that have profited mightily from the boom in artificial intelligence. Its business is thriving as China pushes for greater self-sufficiency in leading edge technologies while contending with limited access to advanced chipmaking machines due to American-led restrictions.