CXMT stock soars in China IPO as investors pile into the memory boom

Forget SpaceX: This Chinese chip stock is going to the moon. ChangXin Memory Technologies, or CXMT, recently went public on the Shanghai Stock Exchange’s tech-focused STAR Market (a China-based equivalent to the Nasdaq exchange), and has quickly shot up the charts. On its initial day of trading, it shot up almost 466%, becoming the most valuable company on the exchange, and accrued a market capitalization of around $487 billion. Despite many people only now learning its name, CXMT was founded…