Evening Scan

China's CXMT tripled expectations on its Shanghai debut, becoming the country's most valuable listed company on day one. The market's reaction reflects AI-fueled speculation more than fundamentals. Otherwise a quiet Monday: oil prices steadied, Shein's financial picture deteriorated, and Hugging Face's CEO is pushing the industry to discuss the OpenAI hack.

$487B — CXMT's market cap after its Shanghai debut, making it China's most valuable listed company on day one of trading. (CNBC)

China's CXMT Stock Soars 470% in Start of Trading, Amid A.I. Race (paywall)

A memory chipmaker became China's most valuable listed company before markets digested the move. (NYT)

Oil Prices Drop After U.S. and Iran Pause Fighting for a Second Day (paywall)

Two calm trading sessions are enough for traders to price in de-escalation. (NYT)

Shein reveals slowing profits and a quarterly loss ahead of Hong Kong IPO

The prospectus numbers landed as the fast-fashion giant seeks investor confidence. (The Next Web)