China's memory chipmaker CXMT surges 531% in record-breaking debut

BEIJING -- Chinese memory chipmaker Changxin Memory Technologies (CXMT) surged 531.06 percent to end the morning session at 54.65 yuan ($8.05) per share on Shanghai STAR Market debut.

The company, one of the world's largest DRAM makers specializing in memory chips that power AI servers, smartphones and personal computers, saw a turnover of 122.1 billion yuan in the morning session.

It became the largest listed company by market capitalization on the A-share market after jumping 471.6 percent at the opening to achieve a market capitalization of over 3.3 trillion yuan.

The blockbuster debut caps a historic IPO run with expected total proceeds surpassing 66 billion yuan, making it the largest-ever IPO in China's sci-tech innovation board.

CXMT is expected to generate operating revenue of 110 billion to 120 billion yuan in the first half of this year, with net profit attributable to shareholders of the parent company reaching 50 billion to 57 billion yuan, according to the company.