CXMT Surges 465.82% on STAR Market Debut, Becoming A-Share Market Cap Leader

ChangXin Memory Technologies (688825. SH) listed on the Shanghai Stock Exchange's STAR Market on July 27, 2026, with an issue price of RMB 8.66 per share. On the first trading day, the stock opened at RMB 49.50, up 471.59% from the issue price, giving an opening market capitalization of RMB 3.31 trillion, surpassing ICBC to become the largest A-share company by market value. By the close, CXMT shares were trading at RMB 49, up 465.82%, with full-day turnover exceeding RMB 140 billion and a turnover rate above 66%. The IPO raised a total of RMB 57.919 billion, and if the over-allotment option is fully exercised, total proceeds would reach RMB 66.607 billion, ranking third in A-share IPO history. Online valid subscription accounts reached 9.4288 million, with a winning rate of 0.47%, both setting STAR Market records.

Eight banks hold stakes in CXMT through their financial asset investment companies (AICs) and participating funds. Among them, the AICs of five state-owned banks—Agricultural Bank of China, China Construction Bank, ICBC, Bank of Communications, and Bank of China—collectively hold approximately 1.915 billion shares. China Merchants Bank, Shanghai Pudong Development Bank, and Huishang Bank hold indirect stakes through participating funds. It is estimated that the eight banks' combined stake after penetration is approximately 4.5%, totaling about 2.7 billion shares. Based on the closing price of RMB 49 on the first trading day, the market value of the banks' holdings is approximately RMB 132.3 billion.

Several insurance institutions had invested in CXMT before the IPO. Hexie Health, Guoshou Investment, PICC Capital, Sunshine Life, China Post Life, and PICC Science and Technology collectively hold approximately 2.384 billion shares, valued at about RMB 116.8 billion based on the closing price. In addition, four insurance companies—China Life, China Post Life, Taikang Life, and PICC Property and Casualty—participated in the strategic placement, each receiving 11.5473 million shares with an 18-month lock-up period. The National Council for Social Security Fund entrusted 36 investment portfolios managed by six fund companies to participate in the strategic placement, collectively receiving 866 million shares with a subscription amount of RMB 7.5 billion, accounting for 51.95% of the total strategic placement shares. China Structural Reform Fund Phase II received 11.5473 million shares. Eighteen industry chain companies, including Piotech, Tongfu Microelectronics, and AMEC, each received 18.2448 million shares. Sponsors China International Capital Corporation Wealth and CSC Financial Investment each received 115 million shares with a 24-month lock-up period. A total of 377 senior executives and core employees of CXMT received 184 million shares through four special asset management plans, with a 36-month lock-up period.

In the offline placement, Class A investors such as public funds received 1.978 billion shares, accounting for 91% of the total offline issuance. Taikang Asset received 174 million shares through 614 products, the largest allocation among institutions; E Fund received 169 million shares, and China Southern Asset Management received 139 million shares. Class B investors, including private funds, received 196 million shares, with Jiukun Investment receiving 15.3996 million shares, High-Flyer Quant receiving 15.3542 million shares, Shanghai Yanfu receiving 15.3512 million shares, and Hainan Century Frontier receiving 15.0033 million shares. Liang Wenfeng's Ningbo High-Flyer Quant and Zhejiang Jiuzhang Asset collectively received 20.2497 million shares, with a placement amount of RMB 175 million. Ningquan Asset received 2.2079 million shares.

Tradable shares on the first trading day consisted of three parts: 2.848 billion shares from the initial online offering, 1.003 billion shares from the over-allotment, and 652 million shares from the offline offering not subject to lock-up restrictions (30% of the offline issuance), totaling 4.503 billion shares. After accounting for 6.6178 million shares abandoned by online and offline investors and underwritten by the joint lead underwriters, the tradable shares on the first day were approximately 4.496 billion, representing 6.63% of the total post-issuance share capital.

Twenty-nine wealth management products from five wealth management subsidiaries participated in the offline subscription for CXMT, including Minsheng Wealth, Ningyin Wealth, Xingyin Wealth, Nanyin Wealth, and China Post Wealth, collectively receiving 4.544 million shares with a placement amount of RMB 39.3514 million, and a market value of approximately RMB 248 million based on the closing price.