CXMT debuts up 472% on Shanghai STAR, hits $489B market cap

ChangXin Memory Technologies (CXMT), a Chinese state-backed DRAM maker, debuted on Shanghai STAR with a 472% first-day pop, raising 66.6 billion yuan and achieving a $489B valuation—now the world's fourth-largest memory manufacturer, positioned to compete in AI data centre supply chains with fresh capital and domestic demand locked in via ByteDance and Tencent contracts.

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