Changxin Technology’s STAR Market debut drives RMB3.31 trillion market cap, top in A-shares, with record
Changxin Technology made a historic STAR Market debut, opening at RMB49.50 for a 471.59% surge and a market cap of RMB3.31 trillion, unseating ICBC as the A-share market’s most valuable company. Full-day turnover reached a record RMB141.2 billion, the first time an A-share stock topped RMB100 billion in a single session. The IPO raised RMB57.919 billion, a STAR Market record. In Q1 2026, revenue jumped 719% to RMB50.8 billion and adjusted net profit soared 1,993% to over RMB26.3 billion. The Beijing Stock Exchange also saw Weiqi Technology surge as much as 825.09% before closing 599.5% higher. All 83 IPOs this year have gained on day one, with no breaks.
Monday saw two new stock listings on the A-share market: Changxin Technology on the STAR Market and Weiqi Technology on the Beijing Stock Exchange. Changxin Technology issued at RMB8.66 per share, raising a total of RMB57.919 billion and setting a new record for the largest IPO fundraising on the STAR Market. The stock began secondary-market trading at an opening price of RMB49.50, a surge of 471.59%, giving it an opening market capitalisation of RMB3.31 trillion. That surpassed Industrial and Commercial Bank of China to become the highest-valued company in the A-share market. It closed at RMB49.00, up 465.82%, with a turnover rate exceeding 66% and full-day turnover reaching RMB141.2 billion, marking the first time in history an A-share stock recorded single-day turnover of more than RMB100 billion. In the first quarter of 2026, Changxin Technology achieved revenue of RMB50.8 billion and adjusted net profit of over RMB26.3 billion, representing year-on-year growth of 719% and 1,993% respectively.
Weiqi Technology, the Beijing Stock Exchange debutante, is called the “first peptide raw material stock”. Its circulating market cap stood at RMB1.232 billion. The stock surged as much as 825.09% intraday before paring gains to close 599.5% higher at RMB155.01. Founded in 2011, Weiqi Technology is an innovation-driven, specialised and sophisticated “little giant” enterprise that produces cosmetics raw materials. Its clients include Marubi, Procter & Gamble, Unilever and Fuerjia, with Marubi consistently ranking as the largest or second-largest customer.
As of July 27 this year, a total of 83 companies have completed new stock listings across the market. All newly listed stocks this year have posted first-day gains, with a zero break rate. Based on listing-day opening prices, Changjin Photonics topped with a 1,193.31% surge, followed by Xinrui Electronics with 1,000.07%. Among STAR Market IPOs, Lianxun Instrument delivered a single lot profit of RMB388,600, making it the most profitable new stock so far this year; Changjin Photonics yielded RMB309,500 per lot and Zhenbao Technology RMB270,200 per lot. Changjin Photonics has since fallen below its listing-day opening price.