ChangXin Technology closes debut at RMB 49 per share with RMB 3.28 trillion market cap, tops A-share market

ChangXin Technology shares surged more than fivefold at the open on July 27 and closed the session at RMB 49 apiece, delivering a market value of RMB 3.28 trillion and ranking as the highest-valued stock on China’s A-share market.

An employee disclosed that equity incentives are subject to a clear rank threshold: only those at grade 9—equivalent to section chief—or above qualify, while most ordinary staff are at grades 11 or 12. Photography is prohibited at the campus entrance, and security guards will intervene.

ChangXin Technology has boosted development in the surrounding area. Restaurants on the commercial street southeast of the campus are seeing a constant stream of customers; a supporting shopping district to the north is under construction; and the phase-two construction site to the west has drawn large numbers of workers. The area has transformed from empty construction sites into a commercial hub, and housing prices have climbed to RMB 10,000 per square metre. A ride-hailing driver said that since 2021, ChangXin Technology has driven up home prices in the Changgang area, which peaked at over RMB 10,000 per square metre but have fallen considerably in the past two years, now sitting at around RMB 7,000–8,000 per square metre.

The company’s workday starts at 8:30 a. m. Staff in R&D and wafer fabrication must surrender their phones—fabrication shops require a dust-free environment, while technical positions require confidentiality. Work proceeds until 11:30 a. , followed by a lunch break until 1 p. Overtime is the norm; R&D personnel often work until 9 or 10 p. , and weekend duty shifts are scheduled. Overtime is not paid directly but is converted into quarterly bonuses and performance pay.

The company has a detailed grading system: new undergraduate hires enter at grade 12, while master’s degree holders start at grade 11. Each grade is subdivided into A and B tiers, and grade 9 corresponds to section chief. As for pay, several employees said annual salary does not reach RMB 300,000, but RMB 200,000 is attainable, which is considered relatively high in Hefei.

The campus continues to expand. Near the southwest gate, construction is underway on the ChangXin Technology phase-three project, contracted to the 11th Design & Research Institute of Information Industry Electronics Technology & Engineering Corp. , a wholly owned subsidiary of listed company Wuxi Taiji Industry Co. A large number of construction workers gather outside the site, attracting mobile food vendors. A site worker said ChangXin Technology currently has 11 engineering projects under construction, with additional bases being built in other parts of Hefei, in Beijing, and in Shanghai’s Pudong New Area. A cluster of supply-chain companies has formed around the phase-three project. Across the street from ChangXin Technology are Xinqiao Integrated Circuit Industrial Park and Hefei Peyton Storage Technology Co. , and Guangdong Gases has a supporting station within the campus. The northern side of the campus is surrounded by lawns and jogging tracks, presenting a clean and open environment; a shopping district is being built opposite. The entire ChangXin Technology industrial park is enclosed by high-voltage electric fencing, and its security level is far higher than that of an ordinary industrial park.