New Delhi, July 28 -- SHANGHAI - ChangXin Memory Technologies closed its first day of Shanghai trading at 49 yuan on Monday - up 466 percent from its IPO price of 8.66 yuan - lifting the Hefei-based chipmaker's market capitalization to 3.3 trillion yuan, or roughly $488 billion, in the largest single-session valuation jump in the history of China's A-share market.

The enthusiasm for CXMT's debut in Shanghai was matched by sharp declines in the memory chip stocks of its Western rivals. Micron Technology fell five percent by midday in New York. SanDisk dropped more than twelve percent. US-listed receipts of South Korea's SK Hynix declined 8.5 percent. ASML, the Dutch maker of the lithography equipment that is the critical tool in advanced ...