Memory Chipmaker CXMT Surges 466% in Shanghai Debut to Overtake ICBC in Market Value
Memory chipmaker CXMT shares closed 466% higher in their Shanghai debut, valuing the company at 3.28 trillion yuan ($485 billion). The IPO priced at 8.66 yuan per share, lifting the market value more than fivefold from a pre-offer estimate of $85.5 billion.
The market valuation jump made CXMT the most valuable listed company in mainland China, surpassing the Industrial and Commercial Bank of China, which traded at 2.6 trillion yuan. The rally was driven by a tight free float, with only 6.73% of the company's 66.88 billion shares available to trade. The valuation surge raised the value of a roughly 5% stake held by Alibaba to more than $20 billion, a near 20x return from the pricing.
From the sources (3 posts)
@poezhao0605CXMT closed its Shanghai debut up 466%. Market value hit Rmb 3.28tn, about $485bn, passing ICBC to become the most valuable company listed on mainland China. The number that made it possible was 6.73%. That is the portion of its 66.88bn sh
@techmemeCXMT's IPO prospectus showed Alibaba had a ~5% stake, which is now worth $20B+, a nearly 20x return, based on CXMT's ~$464B closing market cap on July 28 (@chenwq45 / South China Morning Post) (Visit Techmeme dot com for the link and full
@firstglobalsecChip Mania: CXMT Becomes China's Most Valuable Firm on Explosive Debut China memory chipmaker CXMT shares surge 472% in Shanghai debut, become country’s largest listed company. IPO price was at 8.66 yuan/share and pre-ipo market cap was at