Changxin Technology Debuts on STAR Market, Surges 471.59%, Hefei State-Owned Holds 36.79%
Changxin Technology listed on the Shanghai Stock Exchange's STAR Market on July 27, opening at RMB 49.5 per share, up 471.59% from its IPO price of RMB 8.66. Its total market capitalization surpassed RMB 3.31 trillion, peaking at RMB 3.65 trillion intraday. Before the listing, Hefei state-owned entities held a combined 36.79% stake, while provincial and city-level state-owned capital together accounted for 45.45%.
Changxin Technology listed on the STAR Market of the Shanghai Stock Exchange on July 27. It opened at RMB 49.5 per share, up 471.59% from the IPO price of RMB 8.66, with a total market capitalization exceeding RMB 3.31 trillion, reaching as high as RMB 3.65 trillion during the session.
Founded in 2016, the company's Phase 1 project had a budget of approximately RMB 18 billion, with Hefei Industry Investment contributing about RMB 14.4 billion, covering 80% of the initial investment. Before the listing, the top five shareholders were Qinghui Jidian, Changxin Jicheng, Big Fund II, Hefei Jixin, and Anhui Investment, holding 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% respectively. The ultimate controlling entities behind Qinghui Jidian's underlying investor Xinrui Investment and Changxin Jicheng are both the Hefei State-owned Assets Supervision and Administration Commission and the Hefei Economic and Technological Development Zone state-owned assets system. Hefei state-owned entities held a combined 36.79% stake through these entities. Anhui Provincial Investment Group directly held 7.91%, and Anhui Guarantee Asset Management held 0.75%, bringing the combined provincial and city-level state-owned stake to approximately 45.45%.
From Guangdong, Guangzhou Keji invested in June 2024, holding 0.64%, and its underlying holdings can be traced to Guangzhou Science City Group Co. , Ltd. and the Greater Bay Area Science and Technology Innovation Fund. Shenzhen Investment Holdings directly held 0.59% as a founding shareholder. Tianjin Haihe directly held 0.32% as a government-guided fund. Qingdao Langge directly held 0.75%, with participation from the Qingdao municipal government-guided fund. State-owned capital from Wuhu, Anhui, and other cities also held indirect stakes through government-guided funds.
Wuxi capital invested through entities such as Wuxi Industry Group and Wuxi Xinshang Capital. Xinshang Capital completed strategic investments via the PICC Science and Technology Innovation Fund and the Wuxi Industrial Development Service Trade Fund that it manages. Companies from Wuxi participate in Changxin Technology's upstream materials, midstream infrastructure, and downstream packaging and testing segments. From Sichuan, Sichuan Venture Capital, under the Sichuan Industrial Revitalization Fund, contributed tens of millions of RMB to Changxin Technology in 2021 through the Sichuan Province Dual Innovation Fund.
Big Fund II's investors include Shanghai Guosheng, Wuhan Optics Valley Financial Holdings, and Chengdu Tianfu Guojit, each contributing RMB 15 billion, as well as Zhejiang Fuzhe, Chongqing Strategic Emerging Industry Fund, Jiangsu Jiequan, Beijing Yizhuang, and Guangxi Investment Guidance Fund.