SHANGHAI — Shares of ChangXin Memory Technologies, known as CXMT, jumped 12%, or 6.62 yuan, to 61.80 yuan as of 3:00 p.m. local time Monday, extending an extraordinary rally that has continued largely uninterrupted since the Chinese memory chipmaker's blockbuster debut on the Shanghai Stock Exchange's tech-focused STAR Market three weeks ago.

CXMT's stock has surged dramatically since it began trading on July 27, when shares soared as much as 466% to 500% on their first day of trading alone, instantly making the Hefei-based company the most valuable listed entity on any mainland Chinese exchange. The company's shares closed that opening session at 49 yuan, giving CXMT a market capitalization of roughly 3.3 trillion yuan, or approximately $487 billion at the time, a figure that vaulted the company past state-owned Industrial and Commercial Bank of China as China's most valuable listed company.

The rally has continued in the weeks since, with shares climbing further to close at 57.60 yuan the following Friday, pushing the company's market capitalization to roughly 3.54 trillion yuan, or about $523 billion, according to figures reported at the time. Monday's additional 12% gain to 61.80 yuan pushes the stock further into record territory, underscoring the sustained investor enthusiasm surrounding the company since its listing.

CXMT's initial public offering itself was a landmark event for Chinese capital markets. The company raised 57.92 billion yuan, or roughly $8.6 billion, by pricing its shares at 8.66 yuan each, making it the largest IPO in Asia so far this year and mainland China's second-largest public offering on record, trailing only the $22.1 billion........

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