CXMT's 466% listing pop makes it China's most valuable firm

Chinese memory chip maker CXMT surged 466 percent on its Shanghai listing debut, ending at 49 yuan versus its IPO price of 8.66 yuan and touching an intraday high of 55.03 yuan. The rally lifted its market capitalisation to about 3.3 trillion yuan (around 487 billion dollars), making it China's most valuable listed company and overtaking ICBC. The blockbuster debut underscores investor appetite for exposure to the memory chip supercycle amid tightening US export curbs on Chinese semiconductors.