Chinese chipmaker shares surge 470%
Chinese chipmaker shares surge 470%
中国芯片制造商股价飙升 470%
Shares in China’s biggest memory chip maker have soared by nearly 470% as they made their debut on the Shanghai Stock Exchange’s tech-heavy Star Market. 中国最大的存储芯片制造商在上海证券交易所科技股云集的科创板上市，股价飙升近 470%。
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. 这一涨幅将长鑫存储（CXMT）的市值推高至约 3.3 万亿元人民币（约合 4870 亿美元；3650 亿英镑），使其成为中国大陆市值最高的上市公司。
The spectacular debut comes despite a sharp sell-off in technology stocks around the world this month. 尽管本月全球科技股遭遇剧烈抛售，但该公司仍实现了这一惊人的首秀。
CXMT manufactures dynamic random-access memory (Dram) chips that power AI data centres, mobile phones, PCs, tablets and other devices. 长鑫存储主要生产动态随机存取存储器（DRAM）芯片，这些芯片为人工智能数据中心、手机、个人电脑、平板电脑及其他设备提供动力。
The firm, which was founded in 2016 by Chairman Zhu Yiming, is headquartered in Hefei, Anhui Province in eastern China. 该公司由董事长朱一明于 2016 年创立，总部位于中国东部的安徽省合肥市。
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. 公司表示，计划将首次公开募股（IPO）筹集的大部分资金用于扩大存储芯片生产，并开展更多的研发工作。
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. 此次 IPO 的出色表现将为中国金融官员带来些许慰藉，此前他们一直在推出各项措施，以遏制近期导致超过 1.5 万亿美元市值蒸发的股市低迷。
Analysts said the jump was also being driven by demand for the shares far outstripping supply. 分析师表示，股价飙升的另一个原因是市场对该股票的需求远超供应。
“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. 哈格里夫斯·兰斯当（Hargreaves Lansdown）投资策略总监安娜·麦克唐纳（Anna Macdonald）在接受 BBC《今日》节目采访时表示：“今天上午出现异常反弹的原因是，只有 7% 的股份可供交易。”
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. 这也凸显了中国投资者对本土芯片制造商的强烈兴趣，正值北京政府积极推进科技产业自主可控的计划之际。
South Korean tech giants Samsung Electronics and SK Hynix and US-based Micron dominate the Dram market, with the three companies accounting for around 90% of global production. 韩国科技巨头三星电子（Samsung Electronics）、SK 海力士（SK Hynix）以及总部位于美国的镁光（Micron）主导着 DRAM 市场，这三家公司占据了全球约 90% 的产量。
Earlier this month, SK Hynix raised $26.5bn (£19.8bn) in its New York share offering, marking the largest ever listing by a foreign firm in the US. 本月早些时候，SK 海力士在纽约发行股票筹集了 265 亿美元（约合 198 亿英镑），创下了外国公司在美国上市的最高纪录。
The company, a key supplier to AI chip giant Nvidia, said it had sold 177.9 million American depositary shares for $149 each. The shares surged as much as 17% on Friday in their first day of trading on the Nasdaq but have since given up some of that gain. 作为人工智能芯片巨头英伟达（Nvidia）的关键供应商，该公司表示已以每股 149 美元的价格售出了 1.779 亿股美国存托凭证。该股在周五纳斯达克上市首日一度飙升 17%，但随后回吐了部分涨幅。
SK Hynix saw its market value top $1tn in its home country in May, lifted by the boom in demand for AI chips. 受人工智能芯片需求激增的推动，SK 海力士在韩国本土的市值于 5 月份突破了 1 万亿美元。
Once an affordable component used to build devices, memory prices have more than doubled in recent months - and are still rising. 存储器价格曾是制造设备的廉价组件，但近几个月来价格翻了一番多，且仍在持续上涨。
Some big tech firms have hiked the price of popular gadgets, such as tablets and video game consoles, to cope with rising component costs. 一些大型科技公司已经提高了平板电脑和游戏机等热门产品的价格，以应对不断上涨的组件成本。
Ellie Wong, an analyst at technology research firm TrendForce, told Reuters such price increases were expected to continue until the end of 2027. 科技研究公司 TrendForce 的分析师 Ellie Wong 对路透社表示，预计这种价格上涨将持续到 2027 年底。
“Amid persistent supply shortages, many customers are seeking to diversify their memory supplier base, which should significantly benefit CXMT and create more business opportunities,” she said. 她说：“在供应持续短缺的情况下，许多客户正在寻求多元化其存储供应商基础，这将使长鑫存储受益匪浅，并创造更多的商业机会。”