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CXMT overtakes Tencent as China’s most valuable listed company
On August 13, CXMT Corporation surpassed Tencent to become China's most valuable listed company, with a market value of approximately RMB3.54 trillion compared to Tencent's RMB3.45 trillion. CXMT's share price surged after its public debut on the STAR Market on July 27, rising 471.59% to RMB49.50, and later exceeding RMB55 intraday, reflecting strong investor enthusiasm.
Key points
- CXMT Corporation's market cap reached RMB3.54 trillion on August 13, 2023.
- Tencent's market cap was around HK$4.01 trillion or RMB3.45 trillion at the same time.
- CXMT went public on July 27, 2023, at a share price of RMB8.66.
- The initial offer surged to RMB49.50, reflecting a 471.59% increase.
- The stock price peaked above RMB55 intraday, bringing its market cap near RMB3.7 trillion.
Why it matters
- In 2023, the semiconductor industry is experiencing significant growth due to global demand for advanced technology.
- CXMT's rise highlights the increasing importance of domestic companies in China's tech landscape amid geopolitical tensions.
- The rapid market cap growth aligns with trends in IT investments focusing on semiconductor advancements and supply chain independence.
CXMT's ascent to becoming China's top-listed company demonstrates the dynamic shifts in the tech sector and the growing prominence of domestic industries in the global market, particularly in semiconductors.