Changxin Technology debuts at RMB3 trillion market cap; Hefei state capital holding valued at RMB1.1 trillion

On July 27, Changxin Technology listed, with its market capitalization surpassing RMB3 trillion. It was the largest A-share IPO this year and the second-largest in the history of the STAR Market, taking only 148 days from acceptance to approval. In the first quarter, Changxin Technology posted revenue of RMB50.8 billion and a net profit of more than RMB33 billion, becoming the world’s fourth-largest DRAM chip manufacturer.

In 2016, the first phase of the Changxin Memory project was launched with a total investment of RMB18 billion, of which Hefei’s state capital contributed RMB14.4 billion, or 80%. Over a decade of subsequent investment, Hefei’s state capital system accumulated a combined 36.79% stake in Changxin Technology. Based on the post-listing market value of RMB3 trillion, that stake is worth approximately RMB1.1 trillion, representing an unrealized gain of over RMB1 trillion.

Changxin Technology has spurred the development of Hefei’s integrated circuit industrial chain. The city now hosts more than 500 key integrated circuit enterprises and employs over 35,000 workers. The output value of the integrated circuit sector grew from less than RMB18 billion in 2016 to RMB151.4 billion in 2025, a year-on-year increase of 170.1%.

Hefei had previously invested in companies such as BOE and NIO. In 2008, Hefei committed RMB9 billion to bring in a sixth-generation LCD panel project by BOE, on which Hefei’s state capital earned a net profit of RMB1 billion. In 2020, Hefei provided RMB7 billion to NIO. Five years later, Hefei’s new energy vehicle industry chain had an output value of RMB260 billion, with the highest annual production among Chinese cities.