Global Market: CXMT's $8.6 billion IPO draws strong demand despite cooling enthusiasm for chip stocks

CXMT, the world's fourth-largest DRAM chip maker, saw its $8.6 billion IPO on Shanghai's STAR Market oversubscribed by about 570 times by institutional investors, with retail portion oversubscribed by 243.93 times. However, demand was significantly below recent Chinese tech IPOs that saw over 5,000 times oversubscription, reflecting cooling enthusiasm for chip stocks. The broader STAR Market has declined about 25 percent from its July 1 peak, erasing over $590 billion in market value amid a global reassessment of semiconductor valuations.