The surge has pushed ChangXin Memory Technologies' (CXMT) stock market valuation to around 3.3 trillion yuan ($487bn; £365bn), making it the most valuable listed company in mainland China. The spectacular debut comes despite a sharp sell-off in technology stocks around the world this month. CXMT manufactures dynamic random-access memory (Dram) chips that power AI data centers, mobile phones, PCs, tablets and other devices. The firm, which was founded in 2016 by Chairman Zhu Yiming, is headquartered in Hefei, Anhui Province in eastern China. The company has said it plans to use most of the proceeds from the initial public offering (IPO) to boost production of memory chips and carry out more research and developments. The stellar performance of its IPO will offer some comfort to Chinese financial officials, who have been rolling out measures to help curb a stock market slump that wiped out more than $1.5tn in recent weeks. Analysts said the jump was also being driven by demand for the shares far outstripping supply. "The reason for the extraordinary bounce this morning is that only 7% of the shares are available for trading", Anna Macdonald, investment strategy director at Hargreaves Lansdown told the BBC's Today programme. It also highlights Chinese investors' strong appetite for a homegrown chipmaker, as the government in Beijing pushes ahead with plans to make its technology industry self-reliant. (BBC)