Changxin Technology Soars 465.82% on STAR Debut, Market Cap Hits 3.27 Trillion RMB; SHFE Tin Gains 2.17%
Changxin Technology (688825) surged 465.82% on its July 27, 2026 STAR Market debut, closing with a market capitalization of 3.27 trillion RMB, making it the largest A-share stock by value. Turnover reached 141.2 billion RMB with 66.4% of shares traded. The same day, SHFE tin futures rose 2.17% to 420,840 RMB per tonne, silver gained 3.06%, copper 0.31%, and industrial silicon 0.12%. The company, China’s top integrated DRAM designer and manufacturer, operates three 12-inch fabs and plans to lift monthly wafer output from 300,000 at end‑2025 to 400,000 by end‑2026. Growing AI demand for tin and copper highlights the strategic supply-chain links.
On 27 July 2026, Changxin Technology (688825) listed on Shanghai’s STAR Market and closed with a gain of 465.82%, lifting its market capitalisation to RMB3.27 trillion, overtaking Industrial and Commercial Bank of China to become the most valuable A‑share stock. Trading volume reached RMB141.2 billion with a turnover rate of 66.4%.
The same day, base metals on the Shanghai Futures Exchange mostly advanced. The most-active tin contract ended at RMB420,840 per tonne, up 2.17%; silver futures settled at RMB14,558 per kilogram, up 3.06%; copper gained 0.31% to RMB105,050 per tonne; and industrial silicon inched up 0.12% to RMB8,300 per tonne.
According to its prospectus, Changxin Technology is China’s largest, most advanced and most comprehensively deployed integrated enterprise for DRAM research, design and manufacturing. It operates three 12‑inch DRAM wafer fabs in Hefei and Beijing, which reached a combined monthly capacity of 300,000 wafers by the end of 2025. In the second quarter of 2026, the company launched equipment procurement tenders with a full‑year plan to add 50,000–60,000 wafers of monthly capacity, targeting 400,000 wafers per month by year‑end 2026.
Looking at the supply chain, nearly half of global tin demand comes from the electronics and semiconductor sectors. DRAM packaging and high‑bandwidth‑memory (HBM) stacking both use tin‑based electronic solder. An AI server consumes at least three times as much tin as a conventional server; NVIDIA’s high‑end rack solution uses roughly 3.72–4.71 kilograms of tin per unit. In 2026, tin consumption across the entire AI chain is estimated at 12,100 tonnes, rising to 22,800 tonnes by 2030.
For copper, global AI data‑centre demand in 2026 is projected at about 740,000 tonnes, a year‑on‑year increase of 48%. A single AI server requires around 15–20 kilograms of copper, three to four times that of a traditional server. Industrial silicon must first be processed into polysilicon before it can be used in wafer fabrication, so the short‑term pull from this segment is limited.
In the first half of 2026, the LME copper price averaged approximately US$13,150 per tonne, up more than 44% from a year earlier. The SHFE tin contract climbed from RMB330,000 per tonne at the start of the year to a record high of RMB470,000 per tonne, and posted an average of RMB396,000 per tonne for the half, up 51.11% year on year. Tin, tantalum and indium prices rose by more than 40%, 158% and 60%, respectively, during the period.
On the resource side, the global static reserve‑to‑production ratio for tin stood at 16 years in 2024. Most major tin‑producing regions had ratios below 22 years. Global tin demand is forecast to grow at a compound annual rate of 4.3% from 2024 to 2030. In the industrial silicon market, China’s nominal capacity reached 9.6 million tonnes, yet the annual utilisation rate remained below 50%.