US Stock Market: CXMT shares soar 470% in Shanghai debut, becomes China's most valuable listed company

CXMT (ChangXin Memory Technologies) surged about 470% on its Shanghai debut, opening at 49.50 yuan against an IPO price of 8.66 yuan. The rally pushed its market capitalisation to around 3.3 trillion yuan ($487.3 billion), making it China's most valuable listed company, surpassing ICBC. The firm raised 57.92 billion yuan ($8.6 billion) through the offering, with only 6.73% free float available at listing, which may amplify volatility.