China’s CXMT shares rise 472% on Star Market debut, valuing DRAM maker at US$489 billion

Shares of ChangXin Memory Technologies (CXMT), China’s leading maker of dynamic random-access memory (DRAM) chips, rose 472 per cent on their Shanghai trading debut, giving the company a market capitalisation of 3.31 trillion yuan (US$489 billion). The Hefei-based company opened at 49.50 yuan on the Star Market on Monday morning, compared with its initial public offering (IPO) price of 8.66 yuan. The size of the closely watched offering, up to 66.6 billion yuan, is set to surpass the 53.2...