Shares of CXMT, China's largest memory chip maker, surged more than 470% on their debut on the Shanghai Stock Exchange's STAR Market.
The rally pushed the company's market value to approximately 3.3 trillion yuan ($487.3 billion).
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This surge made CXMT the most valuable listed firm in mainland China, even amid a global selloff in technology stocks.
Founded in 2016 and headquartered in Hefei, Anhui Province, CXMT produces dynamic random-access memory (DRAM) chips used in AI data centers, mobile phones, and PCs.
The company plans to use proceeds from its initial public offering (IPO) to expand chip production and increase research and development efforts.
Strong IPO Performance Amid Market Challenges
The strong IPO performance offers reassurance to Chinese financial regulators, who have recently taken measures to curb a stock market slump that erased over $1.5 trillion in value.
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Currently, South Korean giants Samsung Electronics and SK Hynix, along with US-based Micron, control about 90% of the global DRAM market.
CXMT is a key supplier to Nvidia, a major AI chip manufacturer.
CXMT sold 177.9 million American depositary shares for $149 each.
The shares rose as much as 17% on their first day trading on the Nasdaq but have since declined somewhat.
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For comparison, SK Hynix's market value surpassed $1 trillion in May, fueled by surging demand for AI chips.
