Changxin Technology Debuts at 3.28 Trillion Yuan Market Cap; Hexie Health Books Over 43 Billion Yuan Gain

Changxin Technology (688825. SH) began trading on July 27, 2026, opening at RMB 49.50 per share, up 471.59% from its issue price of RMB 8.66, giving it a total market capitalization of RMB 3.3 trillion. By the close, the stock settled at RMB 49 per share, up 465.82%, with a market capitalization of RMB 3.28 trillion, making it the highest-valued company on the A-share market.

Hexie Health Insurance Co. , Ltd. appeared among Changxin Technology's top ten shareholders. According to the prospectus, Hexie Health directly held 901 million shares, representing a 1.5% pre-issuance stake, making it the tenth-largest shareholder. Among the six insurers that directly held Changxin Technology shares, Hexie Health's single investment amount was the highest, nearly twice that of Guoshou Investment and Renhe Capital, and exceeding that of Sunshine Life Insurance and China Post Life Insurance.

Hexie Health's investment in Changxin Technology occurred in February 2022, targeting the company's predecessor, Ruli Integrated, with an investment amount of RMB 901 million. At the time, Changxin Technology was incurring losses; the prospectus shows that in 2023 and 2024, net profit attributable to the parent company was negative RMB 16.3 billion and negative RMB 7.1 billion, respectively.

Based on the July 27 closing price, the market value of Hexie Health's holdings in Changxin Technology was RMB 44.164 billion, representing a 1.35% stake, resulting in a book profit of over RMB 43 billion. Hexie Health has not published annual reports or solvency reports since 2007, but its 2024 and 2025 social responsibility reports indicate revenues of RMB 75.325 billion and RMB 75.826 billion, respectively, and total assets of RMB 452.05 billion in 2024. The book profit from the Changxin Technology investment is equivalent to 56% of its 2025 annual revenue. The latest solvency report disclosed by Hexie Health dates to the first quarter of 2017, when its comprehensive solvency ratio and core solvency ratio were both 102.01%, and net assets were RMB 17.593 billion.

In addition to Changxin Technology, Hexie Health participated in early-stage financing of domestic GPU maker Moore Threads and computing infrastructure company Super Fusion. Hexie Health invested RMB 500 million in Moore Threads' Series B round; on its debut on the STAR Market, Moore Threads shares surged over 400%, and Hexie Health's holding was valued at over RMB 4 billion. The insurer also invested in Super Fusion, Zhonghuan Leading Semiconductor, and Huada Semiconductor, among other technology companies.