Chinese chipmaker CXMT surges 466% at IPO, becomes China's most valuable firm

Chinese memory chipmaker CXMT made its market debut with a 466% stock surge, raising 57.92 billion yuan ($8.6 billion) and briefly becoming China's most valuable publicly listed company. The IPO comes amid strong global demand for memory chips driven by AI growth, positioning CXMT as Beijing's primary challenger to foreign semiconductor producers like Micron, Samsung, and SK Hynix.