Changxin Technology Shares Surge 465.82% on Debut, Market Cap Hits 3.27 Trillion Yuan
Changxin Technology surged 465.82% on its STAR Market debut on July 27, closing with a market capitalization of 3.27 trillion yuan, making it the highest-valued company in A-shares. Early investors including BYD, NIO, Chery, and GAC Group reaped substantial gains. BYD participated in the first funding round six years ago at a pre-money valuation of 19.8 billion yuan, with chairman Wang Chuanfu holding 0.014% beneficial shares. NIO and Chery each invested 158 million yuan. The company, China's largest DRAM integrator, grew revenue from 9.06 billion yuan in 2023 to 61.28 billion yuan in 2025, a compound annual growth rate exceeding 160%, and holds a 7.67% global DRAM market share.
Changxin Technology listed on the STAR Market on July 27, with its share price closing up 465.82% on the first day, giving it a market capitalization of 3.27 trillion yuan and making it the highest-valued company in A-shares.
Li Qian, board secretary of BYD, disclosed in a personal social media post that BYD participated in Changxin Technology's first round of financing six years ago at a pre-money valuation of 19.8 billion yuan. BYD invested indirectly through a private equity fund, and chairman Wang Chuanfu became a beneficial shareholder as a natural person, with a beneficial stake of 0.014%.
NIO and Chery each invested about 158 million yuan, obtaining approximately 18.24 million shares, subject to an 18-month lock-up period. Their investor relationship type was classified as a large enterprise with strategic cooperation or long-term cooperative vision with the issuer. The two companies plan to cooperate strategically on automotive-grade LPDDR4X and LPDDR5X products. GAC Group invested in Changxin Technology in 2021 through its subsidiary GAC Capital.
Changxin Technology is China's largest integrated DRAM design, research and development, and manufacturing company. Since its founding in 2016, it has achieved mass production across first- to fourth-generation process technology platforms, covering DDR4, LPDDR4X, DDR5, and LPDDR5/5X products. According to Omdia, Changxin Technology's global DRAM market share increased to 7.67%, ranking fourth globally and first in China.
According to the prospectus, Changxin Technology's revenue from its main business grew from 9.06 billion yuan in 2023 to 61.28 billion yuan in 2025, a three-year compound annual growth rate exceeding 160%. From 2023 to 2025, its DRAM products (DDR and LPDDR series) were the primary revenue drivers. As of the close on July 28, Changxin Technology's share price was 47 yuan, giving it a total market capitalization of approximately 3.14 trillion yuan.