ChangXin Technologies Surges 465.82% in Shanghai Debut With Record 141.2 Billion Yuan Turnover, 3.28 Trillion
On July 27, ChangXin Technologies (688825) listed on the SSE STAR Market at 8.66 yuan per share. The stock opened at 49.50 yuan, a 471.59% jump, and closed at 49.00 yuan, up 465.82%, giving a total market value of about 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China as the largest A‑share company. First‑day turnover reached 141.2 billion yuan, a new single‑stock single‑day record and the first A‑share stock to exceed 100 billion yuan in daily trading. The IPO raised approximately 57.9 billion yuan before the overallotment option, which could rise to about 66.6 billion yuan if fully exercised, the largest on the STAR Market.
On July 27, China’s leading DRAM memory maker ChangXin Technologies (688825) listed on the SSE STAR Market with an IPO price of 8.66 yuan per share. The stock opened at 49.50 yuan, a 471.59% increase from the issue price, pushing its total market capitalization above 3.3 trillion yuan. At the close, the stock stood at 49.00 yuan, up 465.82%, with a total market value of about 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China to become the highest‑valued A‑share company. First‑day turnover reached 141.187 billion yuan, setting a new A‑share single‑stock single‑day record and becoming the first A‑share stock to have daily turnover exceeding 100 billion yuan. The IPO raised approximately 57.9 billion yuan (before exercising the overallotment option); if the overallotment option is fully exercised, total proceeds would be about 66.6 billion yuan, making it the largest IPO in STAR Market history.
Founded in 2016 and headquartered in Hefei, Anhui Province, ChangXin Technologies is China’s largest and most advanced integrated DRAM research, design, and manufacturing enterprise, with production capacity ranking first in China and fourth globally. The company employs a “skip‑generation” R&D strategy and has achieved volume production of first‑ to fourth‑generation process technology platforms, covering products such as DDR4, DDR5, LPDDR4X, and LPDDR5/5X, with core processes reaching international advanced levels. It operates three 12‑inch DRAM wafer fabs and has established supply chain partnerships with major customers including Alibaba Cloud, ByteDance, and Tencent, covering sectors such as servers, consumer electronics, and smart vehicles.
Benefiting from the memory industry upcycle, ChangXin Technologies has experienced rapid earnings growth. From 2023 to 2025, revenue rose from 9.087 billion yuan to 61.799 billion yuan, a three‑year compound growth rate of 160.02%. The company reported a net loss attributable to shareholders of 16.340 billion yuan in 2023 and 7.141 billion yuan in 2024, before turning profitable in 2025 with net profit of approximately 25.3 billion yuan. In the first quarter of 2026, revenue reached about 50.8 billion yuan, up 719.13% year‑on‑year, with net profit attributable to shareholders of approximately 24.7 billion yuan.
Major shareholders of ChangXin Technologies include the Hefei state‑owned capital system, Alibaba, and the second phase of the National Integrated Circuit Industry Investment Fund (Big Fund II). Hefei state capital, on a look‑through basis, holds approximately 36% in total, with a paper gain exceeding 1 trillion yuan on the first trading day. Alibaba owns nearly 5% through two entities, with a cumulative investment of about 7.6 billion yuan, corresponding to a market value of over 164 billion yuan and a floating profit of more than 156.4 billion yuan. Big Fund II holds shares worth over 250 billion yuan. Bank‑affiliated funds, via their financial asset investment companies and wealth management subsidiaries, have deployed funds in two ways and realized combined paper gains exceeding 120 billion yuan. Additionally, the company’s employee stock ownership platform corresponds to a market value of over 240 billion yuan.