ChangXin Technology soars over 455% in STAR Market debut to RMB3.5 trillion valuation; Alibaba's 5% stake

On July 27, 2026, ChangXin Technology listed on the STAR Market, opening with a gain of more than 455%. At the time of writing, its market capitalization had reached a high of RMB3.5 trillion.

Alibaba, through two entities, holds nearly 5% of ChangXin Technology with a cumulative investment of about RMB7.6 billion. Based on the day's market value, Alibaba's stake was worth over RMB170 billion, resulting in a floating profit of more than RMB160 billion and a total return multiple exceeding 20 times since the investment.