CXMT Corp shares surged over 500% on Shanghai debut, reaching 54.65 yuan from IPO price of 8.66 yuan. The rally lifted market cap to 3.65 trillion yuan ($539.21 billion), making CXMT China's most valuable listed company, overtaking ICBC.

The $8.6 billion IPO (57.92 billion yuan) was Asia's largest this year. Morning session saw 122 billion yuan traded, first A-share to exceed 100 billion yuan daily turnover. Only 6.73% free float magnified price swings. Fund managers sold IPO allocations amid bubble concerns.

CXMT is central to China's semiconductor self-sufficiency push amid U.S. restrictions. Its dominance lets it raise prices for customers like Huawei. Analysts cite tight memory market through 2027 benefiting CXMT, but technology gap with global leaders may limit AI memory share.

Company expects H1 revenue to rise sevenfold to 110-120 billion yuan, net profit 66-75 billion yuan reversing prior loss. However, prospectus warns AI investment slowdown or rival supply additions could weaken market.