Changxin Technology Market Cap Reaches 3.26 Trillion Yuan on Second Day of STAR Market Trading
Changxin Technology, China's top DRAM maker, saw its market capitalization hit 3.26 trillion yuan on its second day on the STAR Market, with the stock opening at 45.22 yuan and trading at 48.72 yuan, down 0.57%. The company's debut day turnover exceeded 141 billion yuan, a record for A-shares. Major shareholders including Xiaomi, Alibaba, and NIO posted substantial paper gains, while Hefei state-owned assets recorded a paper gain of over 1 trillion yuan. The listing pushed Hefei's total A-share market cap above 4 trillion yuan.
On the second trading day of its STAR Market debut, Changxin Technology opened at 45.22 yuan and was trading at 48.72 yuan as of press time, down 0.57%, giving it a market capitalization of 3.26 trillion yuan. The previous day, the domestic DRAM leader officially listed on the STAR Market, with full-day turnover reaching 141.187 billion yuan, making it the first stock in A-share history to exceed 100 billion yuan in single-day turnover.
According to the preliminary offline allocation results announcement disclosed by Changxin Technology on July 20, Xiaomi's wholly-owned subsidiary, Wuhan 1810 Enterprise Management Co. , Ltd. , was included in the strategic placement list, receiving 18.2448 million shares. Based on the issue price, its total investment was approximately 158 million yuan. Tianyancha data shows that 1810 was established in 2021 with a registered capital of 5.3 billion yuan and paid-in capital of 3.7857 billion yuan. Its controlling shareholder is Xiaomi Technology Co. , in which Lei Jun holds a 97.48% stake. Based on this calculation, Lei Jun's paper gain from 1810 on Changxin Technology's debut day was 717 million yuan. Xu Jieyun, assistant to Xiaomi Group's chairman and deputy general manager of the Strategic Marketing Department, responded that this is a corporate investment and that specific subsidiary entities and personal wealth should not be conflated.
Alibaba Group holds nearly 5% of Changxin Technology through two entities, with a total investment of approximately 7.6 billion yuan. Based on the debut-day market capitalization, the value of Alibaba's stake exceeded 170 billion yuan, representing a paper gain of over 160 billion yuan. Alibaba first invested in Changxin Technology in December 2021, contributing about 1.5 billion yuan for a 1.12% stake. In June 2026, Alibaba invested 6.1 billion yuan through its subsidiary Zhejiang Alibaba Cloud Computing Co. to participate in a capital increase and share expansion, raising its total stake to nearly 5% and becoming Changxin Technology's sixth-largest shareholder and the largest industrial investor in the final pre-IPO round.
NIO appeared on Changxin Technology's IPO strategic placement list, committing to subscribe for 158 million yuan worth of shares, with an 18-month lock-up period, for approximately 18.2448 million shares. Based on Changxin Technology's closing price of 49 yuan per share on July 27, NIO's paper gain was about 740 million yuan, representing a yield of 465%. NIO Chairman Li Bin stated that the partnership with Changxin Technology helps stabilize the supply chain.
Changxin Technology is headquartered in Hefei, Anhui, and operates three 12-inch DRAM wafer fabs in Hefei and Beijing. Omdia data shows that the company is the largest DRAM manufacturer in China and the fourth-largest globally. Hefei state-owned assets began formulating an integrated circuit industry development plan in 2013. Changxin Technology's listing has brought Hefei state-owned assets a paper gain of over 1 trillion yuan, pushing the total market capitalization of Hefei-listed A-shares above 4 trillion yuan and making it the second-largest city in the Yangtze River Delta by A-share market value.
Internally, 14 directors, senior management, core technical personnel, and their close relatives indirectly hold a total of 2.034 billion shares of Changxin Technology. Based on the closing price of 49 yuan per share, the total market value of these holdings is approximately 99.666 billion yuan. Five major state-owned banks have invested in Changxin Technology through their AIC (Asset Management Company) and affiliated funds. Agriculture Bank of China Investment, CCB Investment, ICBC Financial Investment, Bank of China Asset Management, and Bank of Communications Financial Leasing collectively hold approximately 1.915 billion shares. China Merchants Bank, Shanghai Pudong Development Bank, and Huishang Bank also hold stakes through their participation in funds. The total potential appreciation of these bank holdings exceeds 100 billion yuan. In the insurance sector, Hexie Health, Guoshou Investment, PICC Capital, Sunshine Life, China Post Life, and PICC Kechuang collectively hold approximately 2.384 billion shares, with a value exceeding 100 billion yuan.
Country Garden had held a small stake in Changxin Technology during its financing phase but, due to its own debt and liquidity pressures, liquidated its entire position before the IPO, directly missing out on nearly 50 billion yuan in potential paper gains. The shares in this placement have a relatively long lock-up period, and the paper gains are only static estimates. Subsequent stock price fluctuations will directly affect the final realized returns.