Chinese stocks rise as CXMT’s debut revives interest in battered shares

SHANGHAI : China stocks gained on Monday as memory chipmaker CXMT Corp surged about 500% in its Shanghai debut, reviving sentiment in a stock market buckling under a tech selloff. The listing catapulted CXMT’s market value to more than 3 trillion yuan (US$443.26 billion), creating the biggest China-listed company by market cap, dwarfing Industrial and Commercial Bank of China.

China’s large-cap CSI300 Index and the Shanghai Composite Index both gained around 0.5% in mid-morning trading, reversing early losses, as investors overcame fears that CXMT’s mega-listing could drain market liquidity.

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