Changxin Technology Soars 465.82% on STAR Market Debut; Luzhou Laojiao's Jindou Investment Among Backers

Changxin Technology listed on the STAR Market on Monday, closing up 465.82% with a market capitalization of RMB 3.28 trillion. Luzhou Laojiao Group's Jindou Investment was a participant investor.

Since 2025, several hard-tech companies backed by Luzhou Laojiao's investment platforms have listed. In January 2025, Biren Technology and Ribo Bio listed on the Hong Kong Stock Exchange, with Biren becoming the first domestic GPU stock in Hong Kong. In July 2025, Basic Semiconductor and LuoShi Robot listed on the HKEX main board, becoming the first silicon carbide (SiC) power device special technology stock and the first full-series intelligent robot stock, respectively. These investments were made through Jindou Investment and Puxin Investment, two core platforms covering GPU, SiC, new materials, and innovative drugs. Since 2025, Jindou Investment alone has backed over 10 companies that have successfully listed on capital markets.

On July 8, 2026, Basic Semiconductor officially listed on the HKEX main board, with an intraday high of HKD 37.38 and a peak market capitalization of HKD 11.3 billion. Basic Semiconductor is a domestic vertical integrated IDM for SiC power devices. On July 9, 2026, LuoShi Robot listed on the HKEX main board, becoming the first full-series intelligent robot stock in Hong Kong. Its clients include Foxconn, Xiaomi, Tesla, and BYD, with products covering over 40 countries.

On January 2, 2025, Biren Technology became the first domestic GPU stock in Hong Kong, backed jointly by Jindou and Puxin. On December 16 and 17, 2025, OnMicro and Muxi listed consecutively on the STAR Market. Muxi's stock price surged 750% from its initial public offering price of RMB 104.66, with an intraday high of RMB 895 and a total market capitalization once exceeding RMB 350 billion. OnMicro focuses on 5G/6G radio frequency front-end chips.

Jindou Investment is Luzhou Laojiao's exclusive state-owned capital investment platform, focusing on semiconductors, commercial aerospace, controlled nuclear fusion, and humanoid robots. In 2025, Jindou Investment reported revenue of RMB 4.357 billion and net profit of RMB 319 million, a year-on-year increase of 978.21%. In November 2025, Jindou completed a capital increase, raising its registered capital from RMB 2.75 billion to RMB 3.17 billion.

Puxin Investment complements Jindou, focusing on innovative drugs and new materials. On October 28, 2025, Bebetter Pharma listed on the STAR Market at an initial public offering price of RMB 17.78, closing up 74.41% with a total market capitalization of RMB 13.956 billion. On November 18, 2025, Hengkun New Materials listed on the STAR Market at an initial public offering price of RMB 14.99, closing up over 310% with a total market capitalization of RMB 27.656 billion. On January 9, 2026, Ribo Bio listed on the HKEX at an initial public offering price of HKD 57.97, closing up 41.62% with a market capitalization of HKD 13.3 billion.

According to Puxin Investment's public data as of April 29, 24 projects have successfully listed and completed reduction exits, and over 10 projects are in the initial public offering application stage.

In January 2025, Luzhou Laojiao established a professional venture capital platform, Foshan Boke Jinduo Venture Capital, with a registered capital of RMB 300 million. Jindou Investment holds 66.33%, and Luzhou Laojiao Postdoctoral Workstation Science and Technology Company holds 33.33%. The platform has invested in five tech companies, including Zhongke Sihe and Westwell.

Since 2018, Luzhou Laojiao Group has expanded into the secondary market, holding stakes in several A-share listed companies, including Hongli Zhihui, Cross-border Pass, and Guyue Longshan. It later fully exited Strait Innovation, terminated the acquisition of Cross-border Pass, and exited the financial investment in Guyue Longshan, focusing on the hard-tech main track. In 2018, Jindou Investment increased its stake in Hongli Zhihui three times, spending over RMB 1.6 billion to gain control. As of the end of 2025, Jindou held about 30% of Hongli Zhihui. In 2025, Hongli Zhihui reported revenue of RMB 4.353 billion, up 3.02% year-on-year, and net profit of RMB 97.52 million, up 19.88% year-on-year.

In 2026, Hongli Zhihui, together with Jindou Investment and Xuyong Jindou, established a strategic venture capital fund with a total subscription not exceeding RMB 299 million, focusing on LED advanced packaging, automotive electronics, pan-semiconductor, and precision manufacturing.