Changxin Technology Soars 465.82% on Day One, Market Cap at RMB 3.28 Trillion; Five Bank Wealth Managers Net

On July 27, Changxin Technology debuted on the STAR Market at an issue price of RMB 8.66. The stock closed at RMB 49 on the first day, a gain of 465.82%, giving it a total market capitalization of about RMB 3.28 trillion. Five bank wealth management companies participated in the offline placement for the stock: Ningyin Wealth Management, Xingyin Wealth Management, Zhongyou Wealth Management, Nanyin Wealth Management, and Minsheng Wealth Management. A total of 29 products from these firms were allocated 4.544 million shares. Based on the first-day closing price, the book profit from the allocated shares was about RMB 183 million. Among them, Ningyin Wealth Management had 19 products selected, receiving 2.4797 million shares, with a book profit of about RMB 100 million. Approximately 70% of the allocated shares are subject to a lock-up period, while the unrestricted shares total about 1.298 million shares, corresponding to a book profit of about RMB 52.35 million.

As of July 27, 13 wealth management companies nationwide have registered as A-share offline investors. Institutions such as Hangzhou Bank Wealth Management indirectly participated in this IPO through professional managers. Zhongyou Wealth Management has cumulatively participated in 42 Hong Kong IPO investments and A-share offline placements, and has participated in nearly 160 A-share private placements. Since July 2025, Ningyin Wealth Management has participated in 76 new share subscriptions, of which 72 were successfully selected, with an average first-day gain of 286% for the allocated new shares.

In terms of product structure, the selected products were mainly hybrid type. The two products selected by Nanyin Wealth Management — an ESG theme product and a Digital China theme product — are both hybrid products with a bias toward bonds. Recently, among wealth management products with disclosed net asset values, hundreds of products have seen net value declines in the past month, with about 20 equity-linked products experiencing drawdowns of more than 20%. Some wealth management companies said that the current adjustment is related to factors such as the earlier large gains in the technology sector, the transmission of volatility from global technology assets, and concentrated short-term fund position reductions. The current market adjustment is seen by some institutions as a phase of valuation digestion and structural rebalancing during an upward trend.

Despite market volatility, wealth management funds continue to participate in the equity market. Multiple wealth management companies noted that diversified allocation can effectively hedge against short-term fluctuations.