Country Garden affiliate sells 1.56% Changxin stake for 2 billion yuan; Changxin 2026 IPO market cap exceeds

In 2021, Country Garden Venture Capital invested as a Series B strategic investor in Changxin Technology, with a cumulative investment of approximately 900 million yuan. At that time, Changxin Technology's post-investment valuation was close to 40 billion yuan. In March 2023, Country Garden Venture Capital transferred its 1.6805% equity stake in Changxin Technology to its affiliate, Huibi No. 5. Huibi No. 5 was registered and established on September 6, 2022, with a total subscribed capital of 2.301 billion yuan. It is a private equity fund set up by Country Garden Venture Capital specifically for semiconductor equity investments.

In December 2024, Huibi No. 5 signed a share transfer agreement with Hefei Jianchang, transferring its 1.56% stake in Changxin Technology (totaling 901.3142 million shares) for a total consideration of 2 billion yuan, corresponding to a price of 2.22 yuan per registered capital share. Country Garden stated in its announcement at the time that the proceeds from the sale would be used for the company's general working capital, and it currently intends to primarily use the funds for construction expenses related to the delivery of pre-sold homes.

In October 2023, Country Garden officially defaulted on its debt, subsequently proposed a 14.7 billion yuan onshore bond extension plan, and announced the formal launch of offshore bond extension. According to the 2023 interim report, as of the end of the first half of 2023, Country Garden had cash and cash equivalents of 101.115 billion yuan, total liabilities of 1.36416 trillion yuan, of which short-term borrowings and the current portion of long-term borrowings amounted to 108.703 billion yuan. On February 28, 2024, EverCredit Limited filed a winding-up petition against Country Garden with the High Court of the Hong Kong Special Administrative Region, primarily concerning an unpaid term loan of approximately 1.6 billion Hong Kong dollars plus accrued interest. On February 16, 2026, the Hong Kong High Court formally issued an order to withdraw the winding-up petition.

On July 27, 2026, Changxin Technology listed on the STAR Market at an issue price of 8.66 yuan per share, with an issue market capitalization of approximately 579.2 billion yuan. As of the close of trading that day, Changxin Technology reported 49 yuan per share, with a total market capitalization exceeding 3.27 trillion yuan, a share price gain of 465.82%, a turnover rate exceeding 66%, and a full-day trading volume exceeding 140 billion yuan. If Country Garden had still held the 901.3142 million shares of Changxin Technology, the corresponding market value would have reached 44.164 billion yuan. Changxin Technology was founded in 2016, headquartered in Hefei, Anhui Province. It is the largest integrated DRAM research, development, design, and manufacturing enterprise in China, operating under an IDM business model. The company's founder, Zhu Yiming, previously founded GigaDevice. It is the first DRAM manufacturer in China and the fourth largest globally.

Changxin Technology's 2025 revenue reached 61.799 billion yuan, a year-on-year increase of 155.6%; net profit attributable to the parent company was 1.875 billion yuan, achieving a turnaround from losses. In the first quarter of 2026, Changxin Technology achieved revenue of 50.8 billion yuan, a year-on-year increase of 719.13%; net profit of 33.012 billion yuan; net profit attributable to the parent company of 24.762 billion yuan, a significant year-on-year increase of 1688.30%.