Chipmaker CXMT surges 470% in Shanghai IPO debut

Shares of CXMT Corp surged 470% on their Shanghai debut Monday, catapulting the chipmaker to a market capitalization of 3.3 trillion yuan ($487 billion) — the largest of any Chinese-listed company. The IPO raised $8.6 billion, making it Asia's biggest this year. The small free float of 6.73% could amplify price swings, with analysts warning of potential liquidity drain.