Changxin Technology STAR Debut: Market Cap Tops RMB3.2 Trillion, Founder Commits 768 Million Shares to

Changxin Technology listed on the Shanghai STAR Market on July 27, 2026. On its first trading day, its market capitalisation exceeded RMB3 trillion, overtaking global semiconductor giant Intel. The stock surged after opening, and its market cap closed above RMB3.2 trillion. The company’s dynamic random-access memory base started in 2016, with total investment of RMB150 billion, producing DRAM chips, a segment long dominated by Samsung, SK Hynix, and Micron.

Changxin Technology founder and chairman Zhu Yiming voluntarily pledged 50% of his 1.536 billion shares, or 768 million shares, for employee incentives. Based on a market capitalisation of RMB3 trillion, that portion was worth approximately RMB34.45 billion; using the closing market cap, the value stood at around RMB36.75 billion. The incentive plan involves no issuance of new shares and does not dilute existing shareholders’ interests. The vesting schedule has three layers of time restrictions: distribution begins after the shares have been listed for 36 months; 384 million shares are to be allocated in the first five years, and the remaining 384 million shares will be distributed gradually from the sixth to the tenth year. Employees who leave before full vesting will forfeit unvested shares. Zhu also committed not to transfer his shares for the first ten years after listing and to sell no more than 20% per year in the second decade.

Hefei state-owned capital entities collectively held approximately 36.79% of Changxin Technology before the listing, a stake worth more than RMB1.1 trillion at a market cap of RMB3 trillion. Alibaba affiliates owned 4.97%, valued at nearly RMB160 billion; Tencent held 1.50%, worth about RMB48 billion. Companies such as Nio, BYD, Midea, TCL, and Xiaomi also participated as investors. In addition, the China National Integrated Circuit Industry Investment Fund Phase II, the National Structural Adjustment Fund, CICC Capital, Cornerstone Capital, and Legend Capital were among the institutional shareholders.

According to its prospectus, Changxin Technology’s workforce grew from a few hundred in 2016 to nearly 20,000, of which 6,259 are R&D personnel, accounting for 32.43%. The company acknowledges that its process technology still lags Samsung Electronics, SK Hynix, and Micron, that its product mix is steadily improving, and that its gross margin remains lower than the three global leaders.