00:00Shares of CXMT corporations soared 466% on their Shanghai trading debut on Monday following Asia's biggest IPO this year,
00:10catapulting the chipmaker to the top of China's stock market by valuation despite a recent sell-off in global tech
00:17stocks.
00:17The one-day surge was the largest among the world's 10 biggest IPOs this year by deal value based on
00:24dialogic data.
00:27The jump was also the largest recorded among Chinese new listings valued at $5 billion or more in dialogic data
00:34going back to 2006.
00:35The stock closed at 49 yuan compared to its sale price of 8.66 yuan per share after reaching an
00:42intraday high of 55.03 yuan.
00:45The rally lifted CXMT's market capitalization to 3.3 trillion yuan or $487.73 billion, sharply up from $85.5
00:56billion during the IPO process.
00:59As U.S. curbs intensify competition in the global semiconductor race, CXMT has emerged as a key pillar of Beijing's
01:07drive to build a self-sufficient chip industry
01:10and closed the gap in strategic technologies such as artificial intelligence.
01:14The explosive debut crowned CXMT as China's most valuable listed company,
01:20overtaking banking giant industrial and commercial bank of China long the market's heavyweight.
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