CXMT IPO Jumps 466%, Drags Micron and SK Hynix
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- CXMT soared 466% on its stock market debut, vaulting to the No. 1 spot in China by market value
- Micron and SK Hynix shares dropped after the China rival's IPO, with the IBD report framing the selloff as a direct reaction to the new listing
Why it matters: CXMT's 466% first-day surge — the largest in China's stock market — shows domestic Chinese memory-chip players can now command premium public-market valuations, and incumbents Micron and SK Hynix moved lower on the news. Day-one IPO winners, including hedge funds linked to the DeepSeek founder, captured the bulk of those outsized returns.
