CXMT Soars 500% in Shanghai IPO as Crypto Whales Take Notice
ChangXin Memory Technologies (CXMT) made its highly anticipated initial public offering (IPO) on Monday, July 27. The event drew significant attention from both whales and retail traders, resulting in a record trading spike and an influx of crypto investors taking directional positions.
The IPO was expected to be the largest offering on the Shanghai stock exchange since 2011, with China's AI stock rush being seen as a new opportunity for crypto traders. As reported by Cryptopolitan earlier, CXMT became China's most valuable AI infrastructure firm after surging between 470% and 530% in its Shanghai debut.
The company's total market cap is estimated at over $483 billion, making it the most valuable listed company in mainland China. The IPO proceeds are expected to go towards expanded production and additional research and development.
On the first day of trading, the HIP-3 market for CXMT reached 1.14% of the volumes on the Shanghai stock exchange, with a spike to $234 million in the first hours of post-IPO trading.