Chinese chip giant defies US pressure with 466% debut surge

China’s largest memory-chip maker, ChangXin Memory Technologies (CXMT), has become the mainland’s most valuable listed company after its shares jumped more than five fold on their market debut.The company raised 57.9 billion yuan ($8.6 billion) in Asia’s biggest IPO of the year on Monday. Its shares surged 466% in Shanghai trading, leaving it with a market capitalization of around 3.3 trillion yuan.Founded in 2016, CXMT has emerged as China’s leading producer of dynamic random-access memory (DRAM) chips, used in smartphones, personal computers, servers, AI systems, and military equipment. The company now accounts for roughly 8% of the global DRAM market, making it the world’s fourth-largest manufacturer behind Samsung Electronics, SK Hynix, and Micron.The US has been trying for years to hold back China’s semiconductor industry. Since 2022, Washington has imposed sweeping export controls on advanced chipmaking equipment and technology, expanding them further in late 2024 to target China’s ability to manufacture cutting-edge semiconductors. The restrictions were intended to limit China’s access to the tools needed to produce the most advanced chips used in AI and military application...