China's biggest memory chip maker CXMT shares jumps 470% after Asia's biggest IPO

China's biggest memory chip maker, Changxin Technology Group ( CXMT ), saw its shares jump about 470% on their stock market debut on Monday, July 27 after completing Asia's biggest initial public offering (IPO) this year. The company raised 57.92 billion yuan ($8.6 billion) in the listing before its shares opened at more than 49 yuan, up sharply from the IPO price of 8.66 yuan per share. The strong debut pushed CXMT's market value to around 3.3 trillion yuan, making it the most valuable company listed on China's stock exchanges and highlighting growing investor confidence in the country's semiconductor industry.