Elite company: the listed firms that were China’s most valuable before CXMT

After soaring 466 per cent in its Shanghai trading debut on Monday, ChangXin Memory Technologies (CXMT) became the most valuable company on mainland China’s stock market – the first semiconductor firm to hold the top spot in the market’s 35-year history. The state-backed maker of memory chips saw its market capitalisation surpass 4 trillion yuan (US$592 billion) on Friday amid a broader chip stock surge. It first ascended to the top of the list on Monday, ending its first trading day with a...