ChangXin Technology Lists on STAR Market with RMB3 Trillion Market Cap, Becoming A-Share’s Most Valuable

ChangXin Technology officially listed on the Shanghai Stock Exchange’s STAR Market on July 27, 2026, marking the largest initial public offering in the board’s history. On its first day of trading, the company’s market capitalization exceeded RMB3 trillion, making it the highest-valued listed company on the A-share market and the largest technology enterprise in A-share history.

ChangXin Technology was founded in 2016, originating from a domestic DRAM chip manufacturing initiative codenamed ‘506’ aimed at breaking the technological monopoly of overseas memory giants. The company was launched with total initial investment of RMB18 billion, comprising RMB14.4 billion from Hefei Industry Investment and RMB3.6 billion from GigaDevice.

From its angel round in 2018 through June 2025, ChangXin Technology completed nine funding rounds totaling tens of billions of yuan. As of the prospectus filing date, the company had 60 shareholders, including state capital such as the National Integrated Circuit Industry Investment Fund Phase II and the China Structural Reform Fund Phase II, as well as industrial investors like Alibaba, Tencent and Xiaomi, and multiple insurers and market-oriented investment institutions.

During the IPO, ChangXin Technology brought in 30 strategic investors. Among them, 36 products managed by the National Council for Social Security Fund subscribed for RMB7.5 billion, and the China Structural Reform Fund Phase II subscribed for RMB100 million, with state-linked entities accounting for a total of RMB7.6 billion, or over half of the strategic placement. Other strategic investors included semiconductor firms such as AMEC, Piotech, Montage Technology, and National Silicon Industry Group, as well as industry chain partners like Alibaba Cloud’s Feitian, Tencent’s Shanghai Haoyu Information, Meituan’s Shenzhen Sankuai Network, Xiaomi’s Wuhan 1810, Transsion Holdings, NIO Powertrain, and Chery Automobile.

Hefei municipal state capital is the largest shareholder of ChangXin Technology, holding approximately 22.138 billion shares, or about a 33.1% stake, through multiple entities including Hefei Qinghui Jidian, Hefei ChangXin Integration, Hefei Industry Investment No. 1, Hefei Jianchang Equity, and Hefei Industry Investment High Growth. Based on the first-day closing price of RMB49 per share, the market value of Hefei’s state capital holdings exceeded RMB1 trillion, reaching RMB1,084.76 billion, equivalent to roughly 70% of Hefei’s full-year GDP for 2025. On the evening of the listing, Hefei Industry Investment Group issued a statement pledging continued support for ChangXin Technology’s growth and assistance in building Hefei into an integrated circuit industry hub.

Prior to listing, ChangXin Technology implemented two employee stock ownership plans, granting shares to a cumulative 6,760 participants covering managerial talent, business backbones, core technical staff, and key frontline production employees. Among the founding team, ten directors and senior executives including chairman Zhu Yiming collectively held 2.012 billion shares, with a market value of nearly RMB98.6 billion based on the first-day closing price. Zhu Yiming personally held 1.59 billion shares worth RMB77.9 billion, and committed to using 768 million of his shares for employee incentives over ten calendar years after the third anniversary of the listing. The company’s shareholding structure is dispersed with no controlling shareholder; no single shareholder holds more than 30%, and the governance structure without a controlling shareholder remains post-listing. Both Hefei municipal state capital and Hefei Economic and Technological Development Zone state capital stated they do not seek actual control, and the company’s operational management authority remains with the founding team.