Changxin Memory closes at RMB 49 on debut, market cap of RMB 3.28 trillion tops A-shares; Hefei state holds

Changxin Memory Technologies was listed on July 27, closing at RMB 49 per share on its first trading day, with a total market capitalization of approximately RMB 3.28 trillion, making it the largest company by market cap in the A-share market. Hefei state-owned assets, as the largest shareholder, hold a combined 36.79% stake in Changxin Memory, with a market value of over RMB 1 trillion based on the closing price.

Among the strategic investors, 18 have industrial chain attributes, 12 of which directly correspond to A-share listed companies, covering fields such as semiconductor equipment, semiconductor materials, packaging and testing, and memory interfaces. By registered location, there are five from Shanghai (Advanced Micro-Fabrication Equipment, Anji Technology, NSIG, Montage Technology, Huaqin Technology), two from Shenzhen (Transsion Holdings, ZTE), and one each from Beijing (Yitang Technology), Shenyang (Piotech), Xi'an (Xi'an Yicai), Nantong (Tongfu Microelectronics), and Huizhou (TCL Technology). In addition, Xiaomi, Tencent, Alibaba Cloud, Meituan, NIO, and Chery also entered the strategic placement list.

In the broader upstream and downstream industrial chain, Changxin Memory's industrial footprint involves at least 27 A-share listed companies, covering electronic chemicals, photoresists, silicon wafers, electronic specialty gases, semiconductor equipment, and packaging and testing. Shanghai leads with seven companies, followed by Beijing with four, Shenzhen and Wuxi with three each, and Tianjin with two. Tianjin's Hwatsing Technology is a leading domestic CMP equipment company. Wuxi's JCET and Shenghe Jingwei are advanced packaging and testing companies, while Yak Technology supplies precursors to Changxin Memory and SK Hynix. Wuhan's Dinglong Co. has become the largest domestic supplier of CMP polishing pads, capturing 70% to 80% of the domestic market share.

Tianshui Huatian Technology, originally the Yonghong Equipment Factory from the Third Front construction period, was later restructured into Huatian Technology, focusing on packaging and testing. Huatian Technology is currently the sixth-largest integrated circuit packaging and testing company globally and the third-largest in China. In 2024, Tianshui's integrated circuit output reached 73.84 billion units, surpassing Shenzhen and Suzhou. Gansu Province has proposed supporting the construction of an integrated circuit packaging and testing industrial base and the Tianshui Electronic Information Industrial Park.