CXMT Corp, a Chinese memory chipmaker, debuted on Shanghai’s STAR Market and surged 466% in a single session, becoming China’s most valuable listed company, surpassing Industrial and Commercial Bank of China. The company raised $9.8 billion in one of China’s biggest IPOs in years. US export controls designed to cut off China’s access to advanced chips needed for AI appear to have accelerated rather than hindered the development of a domestic semiconductor industry. Chinese tech firms benefit from a significant financing advantage, borrowing at an average rate of 1.9% versus 5.25% for their US peers. Several other Chinese AI companies are preparing IPOs, including DeepSeek valued at $71 billion.
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