ChangXin Technology Soars 466% on STAR Market Debut as Turnover Hits Record RMB141 Billion

ChangXin Technology formally listed on the Shanghai Stock Exchange's STAR Market on 27 July 2026 at an IPO price of RMB8.66 per share. The offering raised RMB57.919 billion, and if the 15% overallotment option is fully exercised, the total could reach RMB66.6 billion, making it the largest IPO in the STAR Market's history. On its debut, the stock opened at RMB49.50 and closed at RMB49.00, a gain of 465.82% from the offer price, giving a market capitalisation of approximately RMB3.28 trillion. At one point intraday, the market cap exceeded RMB3.6 trillion. Turnover hit RMB141.187 billion, a new single-day record for an individual A-share stock.

ChangXin Technology is China's largest and most advanced integrated DRAM (dynamic random-access memory) design, R&D and manufacturing enterprise, with three 12-inch DRAM wafer fabs. It ranks first in China and fourth globally by both shipment volume and revenue. Of the IPO proceeds, RMB29.5 billion will be allocated mainly to wafer fabrication upgrades and cutting-edge technology research and development.

Insurance funds became significant shareholders. Six insurers — Hexie Health Insurance, China Life Investment, PICC Capital, Sunshine Life Insurance, China Post Insurance, and PICC Innovation Capital — together held 2.385 billion shares, with a paper gain of more than RMB114.4 billion on the first day. Several of them made strategic investments in ChangXin Technology in 2021 at a cost of about RMB2.2 per share. In the strategic placement tranche, PICC Property and Casualty, China Life, China Post Insurance and Taikang Life each received 11.5473 million shares, for a combined first-day paper gain of approximately RMB1.86 billion. In the offline allotment, 31 insurance institutions received a total of 108 million shares, with a paper gain of about RMB4.56 billion. Taking into account pre-IPO equity investments and IPO-stage participation, the increase in book value for insurance-linked funds reached roughly RMB142.7 billion.

Several banks participated through their financial asset investment companies (AICs) and indirect financial investments. On a look-through basis, China Construction Bank held 1.714%, Agricultural Bank of China 0.951%, Industrial and Commercial Bank of China 0.640%, Bank of Communications 0.381%, Bank of China 0.380%, and China Merchants Bank, Huishang Bank and Shanghai Pudong Development Bank held 0.225%, 0.152% and 0.008% respectively, giving the eight banks a combined stake of about 4.5%. At the first-day closing price, the market value of these bank holdings was approximately RMB132.3 billion. In addition, 29 products under five wealth management subsidiaries — Minsheng Wealth Management, Ningyin Wealth Management, CIB Wealth Management, Nanyin Wealth Management and China Post Wealth Management — participated in the offline subscription, receiving more than 4.54 million shares with a market value exceeding RMB222 million.

Brokerages participated through underwriting and sponsorship, strategic follow-on investment, and direct equity investment. The sponsors were CICC and China Securities, and the joint lead underwriters included Guotai Haitong Securities, Guoyuan Securities, Huatai United Securities and China Merchants Securities. Underwriting and sponsorship fees totalled about RMB227 million, or roughly RMB240 million if the overallotment is fully exercised. CICC Wealth Management, a unit of CICC, and China Securities Investment, a unit of China Securities, each made a follow-on investment of about 115 million shares for RMB1 billion; at the first-day close, each had a paper gain of more than RMB4.6 billion, for a combined gain exceeding RMB9.2 billion. The eight brokerages together held shares with a market value of about RMB50.9 billion. China Merchants Securities held approximately 505 million shares worth about RMB24.739 billion; Huaan Securities held about 264 million shares worth about RMB12.932 billion; the market values of holdings by China Securities, GF Securities, Guotai Haitong Securities, Founder Securities, Guoyuan Securities and CICC were RMB4.359 billion, RMB3.026 billion, RMB2.799 billion, RMB2.069 billion, RMB973 million and RMB4 million respectively.

The lock-up period for original shares is 12 months, and for the follow-on investment portion it is 24 months.

The global DRAM market has long been dominated by Samsung, SK Hynix and Micron, which together hold nearly 90% of the market. In the first quarter of 2026, ChangXin Technology's revenue share rose to 7.7%, ranking fourth globally. China's DRAM demand accounts for about 34% of the global total, and the domestic substitution rate reached around 23% in the first quarter of 2026.