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00:02Memory chip maker CXMT surged 466% in its Shanghai stock market debut,
00:09giving the company a market value of about $484 billion, according to The Wall Street Journal.
00:15The debut made CXMT the most valuable company listed on mainland Chinese exchanges.
00:20The company has emerged as China's leading memory chip maker,
00:24competing with industry leaders SK Hynix, Samsung, and Micron Technology.
00:28First quarter revenue climbed to $7.5 billion from less than $1 billion a year earlier,
00:35while profit rose to $3.66 billion.
00:38CXMT is raising at least $8.85 billion through its IPO to expand production and technology.
00:44CXMT said demand in China continues to exceed its production capacity,
00:48while Semi-Analysis expects the company's global market share to rise to 12% next year.
00:54China's government and the city of Hefei invested in CXMT to reduce the country's reliance on U.S. and allied
01:00technology.
01:01For all things money, visit Benzinga.com.
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