Changxin Technology Surges 465.82% on Debut, Turnover Exceeds RMB 140 Billion
Changxin Technology (688825) surged 465.82% on its July 27 debut, closing at RMB 48.90. Turnover reached RMB 141.2 billion on 2.99 billion shares traded, with a turnover rate of 66.40%. The company raised RMB 57.9 billion in its IPO for DRAM technology upgrades. Another new stock, N Weiqi, closed up 599.50%.
Changxin Technology (688825) listed on July 27, opening up 471.59% and closing up 465.82%, with full-day turnover of 2.99 billion shares and turnover value of RMB 141.187 billion, representing a turnover rate of 66.40%. Another new stock listed on the same day, N Weiqi, closed up 599.50% with a turnover rate of 98.78%.
At midday, Changxin Technology was up 531.06%, with half-day turnover of 2.615 billion shares and turnover value of RMB 122.103 billion, and a turnover rate of 58.06%. During the session, the stock's turnover once exceeded RMB 100 billion, the turnover rate exceeded 50%, and the share price stood at RMB 48.90.
Changxin Technology's total issuance was 6.688 billion shares, of which 3.851 billion shares were offered online, at an issue price of RMB 8.66 per share, with an issue price-to-earnings ratio of 308.92 times, compared with the industry average of 76.32 times. The final online allotment rate was 0.47141739%. The company raised RMB 57.919 billion in its IPO, which will be used for DRAM memory technology upgrade projects, forward-looking technology research and development for dynamic random access memory, and technology upgrade and renovation of memory wafer mass production lines.