China chipmaker CXMT's shares surge 470% in Shangai trading debut

SHANGHAI: Shares of CXMT Corp surged nearly 470 per cent at their Shanghai debut on Monday (Jul 27) after Asia's biggest IPO this year, catapulting the chipmaker to the top of China's stock market by valuation despite a recent selloff in global tech stocks.The stock began trading at 49.50 yuan compared to its sale price of 8.66 yuan per share. The rally in the first few minutes lifted CXMT's market capitalisation to 3.3 trillion yuan (US$487.31 billion), sharply up from US$85.5 billion during the IPO process.The explosive debut makes CXMT the most valuable company listed in China, overtaking Industrial and Commercial Bank of China (ICBC), the market's previous heavyweight.The debut will give investors a gauge of how much they are willing to pay for a marquee Chinese chip firm, as local mar