Key facts
- CXMT Corp shares began trading in Shanghai following Asia's largest IPO this year.
- The IPO raised $8.6 billion, valuing CXMT at $85.5 billion.
- CXMT is the world's fourth-largest maker of DRAM memory chips.
- Shein has filed for its initial public offering.
- Philippine President Ferdinand Marcos Jr. is scheduled to deliver an address.
Shares of Chinese chipmaker CXMT Corp began trading in Shanghai on Monday, marking Asia's largest IPO of the year. The debut of CXMT, formally ChangXin Memory Technologies, which makes DRAM chips used in various electronic devices, places its $85.5 billion market value under scrutiny amid market volatility and a rotation between growth and safer sectors. The company raised 57.92 billion yuan ($8.6 billion) at an IPO price of 8.66 yuan per share, with potential proceeds reaching 66.61 billion yuan if an over-allotment option is fully utilized. CXMT's offering is the largest mainland Chinese semiconductor IPO on record, surpassing SMIC's 2020 Shanghai sale. Analysts note CXMT's potential to benefit from domestic AI demand, though a technology gap with global leaders could limit its market share in AI-specific memory chips. The company anticipates a significant increase in first-half revenue and net profit, reversing a year-earlier loss.
In parallel, fast-fashion giant Shein has submitted its initial filing for an IPO, which could offer insights into its business performance amid potential U.S. and EU tariffs. Philippine President Ferdinand Marcos Jr. is also scheduled to deliver an address, adding a political element to the week's events in Asia.