CXMT shares soar over 500% on Shanghai debut after Asia's biggest IPO

Chinese chipmaker CXMT Corp surged more than 500 percent on its Shanghai Stock Exchange debut, making it the largest IPO in Asia this year with an IPO price of 8.66 yuan and intraday price of 54.65 yuan. The rally pushed CXMT's market capitalisation to around 3.65 trillion yuan, overtaking ICBC as China's most valuable listed company. The debut comes amid escalating US restrictions on advanced semiconductor technology, positioning CXMT as a key player in China's domestic chip strategy.