Chipmaker CXMT vaults to top of China’s valuation with 466% surge in Shanghai debut

The one-day surge was the largest among the world’s 10 biggest IPOs this year by deal value, based on Dealogic data. The jump was also the largest recorded among Chinese new listings valued at $5 billion or more in Dealogic data going back to 2006.

The stock closed at 49 yuan, compared to its sale price of 8.66 yuan per share, after reaching an intraday high of 55.03 yuan. The rally lifted CXMT’s market capitalisation to 3.3 trillion yuan ($487.73 billion), sharply up from $85.5 billion during the IPO process.