Chinese memory chipmaker CXMT debuts on stock market with $484 billion valuation

Chinese memory chip company ChangXin Memory Technologies (CXMT) made a massive debut on the Shanghai Stock Exchange, with its shares surging 466 percent on the first day of trading. The stock market frenzy pushed CXMT's valuation to $484 billion, making it the most valuable Chinese company listed on the exchange. The story was first reported by The Wall Street Journal and CNBC.