China memory giant CXMT’s US$10 billion IPO is a flop
Politics gets in the way of fundraising
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WHAT makes an initial public offering great? One might say SpaceX’s recent IPO was a success. Global investors were fervently chasing its shares during book-building, but the actual debut was orderly.
Trading was smooth and the stock finished 20 per cent higher on the first day, giving speculators a nice little bonus to go home with. Elon Musk, meanwhile, was handed with US$86 billion to fund his grand ambition, which ranges from Mars exploration to orbiting artificial intelligence data centres in space.
By this standard, the listing of China memory chipmaking giant CXMT is a failure.
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