China memory giant CXMT valued at US$85 billion in record Shanghai IPO

China's leading memory chipmaker, ChangXin Memory Technologies (CXMT), has priced its Shanghai initial public offering, aiming to raise gross proceeds of 57.9 billion yuan (US$8.5 billion). This offering, which involves the sale of nearly 6.7 billion shares, represents 10 percent of the company's enlarged capital. The IPO is poised to be the largest listing by a Chinese semiconductor company on a mainland bourse. Based in Hefei, Anhui province, CXMT's shares are priced at 8.66 yuan (US$1.28) apiece. Upon listing on Shanghai's Star Market, the company is expected to have an implied valuation of 579 billion yuan (US$85.2 billion).