CXMT debuts on STAR Market, becomes A-share's most valuable listed company

(ECNS) -- China memory chipmaker CXMT debuted on Shanghai's STAR Market on Monday, with its shares surging 471.59% at the opening to 49.5 yuan ($6.90) apiece.

The rally pushed the company's market capitalization above 3.3 trillion yuan, making it the most valuable listed company in China's A-share market, according to Wind Data Service.

CXMT was priced at 8.66 yuan per share in its initial public offering (IPO), giving it an issuance valuation of more than 579 billion yuan, according to The Paper.

The company raised about 57.9 billion yuan before the full exercise of the over-allotment option, making it the largest IPO by fundraising in China's A-share market so far this year. It also ranks as the biggest IPO in the history of the STAR Market.

CXMT is one of China's leading domestic memory chip manufacturers, with its core business focused on the research, development, production and sales of dynamic random-access memory (DRAM) products.

(By Kira)