China's memory chip giant CXMT hit fresh record, up 6 times from IPO

Chinese memory chipmaker ChangXin Memory Technologies’ shares hit another fresh record on Monday, bringing the cumulative gains to over 6 times since its Shanghai initial public offering late last month. 

Shares of the Hefei-based company jumped by 12 percent to 61.8 yuan (HK$72), compared to the offer price of just 8.66 yuan in its 57.9 billion yuan IPO, the biggest share sale in Asia this year. 

Also known as CXMT, the world's fourth-largest DRAM, or dynamic random-access memory, chipmaker with a nearly 8 percent market share last year, has surpassed tech giant Tencent (0700) as the country’s largest listed company by market value. 

The rally, driven by skyrocketing infrastructure spending that led to a global chip shortage, lifted CXMT’s market cap to 4.13 trillion yuan.

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