CXMT's Shanghai IPO sends shares up 466% to $484B valuation
ChangXin Memory Technologies (CXMT), a Chinese memory chipmaker, just made a splashy debut on the Shanghai Stock Exchange.
Its shares jumped 466% on day one, landing the company at a $484 billion valuation.
That makes CXMT the most valuable Chinese firm on the exchange and puts it in direct competition with global memory giants like Samsung and Micron, especially as demand for RAM in artificial intelligence keeps climbing.
CXMT holds 8% global RAM market
Founded in 2016, CXMT now holds 8% of the global RAM market.
According to reports, Dell, HP, Lenovo, and ASUS are exploring its products, and Gigabyte says some of its motherboards will support CXMT RAM.
Still, things aren't all smooth: CXMT is blacklisted by the Pentagon, which restricts dealings with US companies, a report suggested Apple asked for permission to purchase its memory.
Even so, this IPO is a big step for China's push to make more of its own tech as trade tensions with the US continue.