CXMT shares fall 8 per cent despite blockbuster earnings figures

Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout. CXMT shares dropped on Monday morning to an intraday low of 41 yuan, after closing at 45.02 yuan on Friday. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before…

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