China's CXMT climbs as new memory-chip platform enters mass production
SOXX•New chips and company context
The new platform is designed to make more powerful memory chips at lower cost and with less power use. CXMT also unveiled two 24-gigabit LPDDR5X chips, a power-saving type of DRAM used mainly in smartphones and other portable electronics.
Since its debut on July 27, the stock has risen 559.9% from the IPO price of 8.66 yuan per share. Year to date, the benchmark CSI300 Index .CSI300 is down 2.2%.
CXMT shares climb on fifth-generation platform news
Shares of Chinese DRAM chipmaker CXMT Corp 688825.SS climbed 5.8% to 58.76 yuan, their highest since September 9. The stock was set for the biggest one-day percentage gain since September 7, in a second straight session of gains.
CXMT said on Sunday its fifth-generation technology platform had entered mass production, a claimed breakthrough that could help China build a stronger competitor to Samsung Electronics 005930.KS, SK Hynix 000660.KS, and Micron Technology MU.O in the global market for memory chips.
