China's CXMT Surges Sixfold on Debut, Becoming Market Cap Leader

CXMT saw its stock price skyrocket 531% immediately upon listing on the 27th, making it the top company by market capitalization in China. Through this listing, CXMT raised approximately 12.5 trillion won, securing the largest funding amount for an Asian stock market this year. Plans include raising up to 14 trillion won if overallotment options are exercised.

The raised funds, capped at 29.5 billion yuan, are expected to be invested in facility expansion, including production line upgrades, technological advancement, and next-generation DRAM R&D.

CXMT has expanded its product lineup to DDR5 and LPDDR5 following the independent mass production of DDR4 in 2019. The company is accelerating its technological catch-up by recently starting mass production of 4th-generation High Bandwidth Memory (HBM3) and pushing for the mass production of 12-layer products next year. Sigmaintel CEO Lisa Li predicted that supply shortages will persist through next year despite the construction of new factories.