Beirut: China's memory chipmaker Changxin Memory Technologies (CXMT) surged 531.06% on Monday, closing the morning session at 54.65 yuan (approximately $8.05) per share during its debut on the Shanghai STAR Market. This remarkable performance has positioned CXMT as the largest listed company by market capitalization on the A-share market.

According to Anadolu Agency, CXMT is a leading producer of dynamic random-access memory (DRAM) chips, which are crucial for powering AI servers, smartphones, and personal computers. The company's shares witnessed a turnover of 122.1 billion yuan ($18 billion) during the morning session, reflecting strong investor interest.

The market capitalization of CXMT soared by 471.6% at the opening, surpassing 3.3 trillion yuan ($487 billion). This impressive debut marks a historic initial public offering (IPO), with total proceeds expected to exceed 66 billion yuan ($9 billion), setting a new record as the largest-ever IPO on China's Sci-Tech Innovation Board.

CXMT projects its operating revenue to reach between 110 billion to 120 billion yuan ($16 billion-$17 billion) in the first half of this year. The net profit attributable to shareholders of the parent company is anticipated to be between 50 billion to 57 billion yuan ($7 billion-$8 billion).