Changxin Technology Jumps 465.82% on Debut, Market Cap at RMB3.31 Trillion as A-Share’s New Leader

Changxin Technology (688825. SH) listed on the Shanghai Stock Exchange’s STAR Market on July 27, 2026, with an IPO price of RMB8.66 per share. It opened at RMB49.50, 471.59% above the offer price, giving it an opening market capitalisation of RMB3.31 trillion—surpassing Industrial and Commercial Bank of China to become the largest A-share stock by market value. The stock closed at RMB49, up 465.82%, with turnover exceeding RMB140 billion and a turnover rate above 66%.

The IPO raised RMB57.92 billion, and if the overallotment option is exercised in full, the total proceeds would reach RMB66.61 billion, the third-largest IPO on record in the A-share market. A total of 9.43 million online valid applications were received, setting a record for the STAR Market, and the lottery win rate was 0.47%, also a record low.

Eight banks hold shares in Changxin Technology through their financial asset investment companies (AICs) or via equity fund investments. The AICs of the five state-owned banks—Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Bank of Communications and Bank of China—collectively hold about 1.915 billion shares. China Merchants Bank, Shanghai Pudong Development Bank and Huishang Bank hold stakes indirectly through funds. On a look-through basis, the eight banks’ combined stake is about 4.5%, equivalent to roughly 2.7 billion shares. At the closing price of RMB49, this shareholding is worth approximately RMB132.3 billion.

Several insurance institutions had invested in Changxin Technology before the IPO. Hexie Health Insurance, China Life Investment, PICC Capital, Sunshine Life Insurance, China Post Life Insurance and PICC Science and Technology together held about 2.384 billion shares, worth roughly RMB116.8 billion at the closing price. In addition, four insurers—China Life Insurance, China Post Life Insurance, Taikang Life Insurance and PICC Property and Casualty—participated in the strategic placement, each receiving 11.5473 million shares with an 18-month lock-up. The National Social Security Fund Council, through 36 portfolios managed by six fund companies, was allotted 866 million shares in the strategic placement, worth RMB7.5 billion and accounting for 51.95% of the total strategic shares. The second phase of the State Structural Adjustment Fund received 11.5473 million shares. Eighteen companies from the semiconductor supply chain, including Tuojing Technology, Tongfu Microelectronics and Advanced Micro-Fabrication Equipment, each received 18.2448 million shares. The sponsor subsidiaries CICC Wealth Management and CSC Financial Investment each got 115 million shares, with a 24-month lock-up. Meanwhile, 377 senior executives and core employees of Changxin Technology, through four special asset management plans, were allotted a total of 184 million shares with a 36-month lock-up.

In the offline placement, Class A investors such as public funds were allotted 1.978 billion shares, or 91% of the total offline tranche. Taikang Asset Management obtained 174 million shares through 614 products, the largest single allocation; E Fund Management received 169 million shares, and China Southern Fund got 139 million shares. Class B investors, including private equity funds, were allotted 196 million shares. Among them, Jiukun Investment received 15.3996 million shares, Ningbo Huanfang Quantification 15.3542 million shares, Shanghai Yanfu 15.3512 million shares, and Hainan Century Frontier 15.0033 million shares. Ningbo Huanfang Quantification and Zhejiang Jiuzhang Asset Management, both managed by Liang Wenfeng, together secured 20.2497 million shares worth RMB175 million. Ningquan Asset was allotted 2.2079 million shares.

On the first trading day, freely tradable shares consisted of three parts: 2.848 billion shares from the online retail tranche, 1.003 billion shares from the overallotment, and 652 million unrestricted shares, representing 30% of the offline allocation—together 4.503 billion shares. After excluding 6.6178 million shares abandoned by online and offline investors and subsequently bought by joint lead underwriters, the first-day free float was about 4.496 billion shares, or 6.63% of the total enlarged share capital.

Twenty-nine wealth management products run by five bank wealth management subsidiaries—Minsheng Wealth Management, Ningyin Wealth Management, Xingyin Wealth Management, Nanyin Wealth Management and China Post Wealth Management—took part in the offline subscription, together receiving 4.544 million shares for a total cost of RMB39.3514 million. At the closing price, these holdings were worth approximately RMB248 million.