Explainer: Why investors are betting big on China’s chipmaker CXMT

China's leading DRAM memory chipmaker CXMT raised 57.92 billion yuan (about $8.6 billion) in Asia's largest IPO this year. Shares opened at 49.50 yuan against an IPO price of 8.66 yuan, valuing the firm at around 3.3 trillion yuan ($487 billion), surpassing ICBC. CXMT, the world's fourth-largest DRAM producer with about 7.7% global market share, reported first-quarter revenue jumping 719% year-on-year to 50.8 billion yuan, driven by AI-related memory demand.