ChangXin Technology Surges 465.82% on Debut, Market Cap Tops RMB3.3 Trillion; Memory Chips Up 3.15%
ChangXin Technology, the only Chinese DRAM mass producer, surged 465.82% on its STAR Market debut on July 27, closing at RMB49.00 after opening 471.59% higher at RMB49.50 from an IPO price of RMB8.66 per share. Trading volume hit RMB141.1 billion, a new A-share single-stock daily record. Market capitalization exceeded RMB3.3 trillion, overtaking ICBC, Kweichow Moutai and CATL to become the most valuable A-share company. The memory chip sector rose 3.15%, with Chengdu Huawei and Zhengfan Technology up over 15% and 12%, respectively.
On July 27, ChangXin Technology officially listed on the Shanghai Stock Exchange STAR Market at an IPO price of RMB8.66 per share. The stock opened at RMB49.50, up 471.59% from the offering price, giving an opening market capitalization of RMB3.31 trillion. Intraday gains surpassed 530% at one point. It closed at RMB49.00, posting a full-day gain of 465.82% and trading volume of RMB141.1 billion, a new all-time high for single-stock daily turnover on A-share markets. ChangXin Technology’s market capitalization exceeded RMB3.3 trillion, overtaking Industrial and Commercial Bank of China, Kweichow Moutai, and Contemporary Amperex Technology (CATL) to top the A-share market cap rankings.
The memory chip sector opened lower in the call auction session, then gradually rebounded and traded higher throughout the day, closing up 3.15%. Within the sector, Chengdu Huawei rose more than 15%, Zhengfan Technology rose over 12%, Lianxun Instruments gained over 10%, while Taiji Industrial and Yake Technology hit their daily limit up. In the first half of this year, driven by the combined tailwinds of surging AI computing demand and a memory chip price upcycle, the memory chip sector had rallied more than 100%. From late June to mid-July, SK Hynix’s listing on Nasdaq triggered a correction in global memory stocks, and China’s A-share memory sector followed suit. On July 21, the sector staged a strong rebound, surging 8.98% that day, before entering a period of choppy recovery.
ChangXin Technology is China’s only company capable of mass-producing DRAM. From 2023 to 2025, its total raw material procurement rose from RMB8.427 billion to RMB11.472 billion, of which chemical purchases amounted to RMB4.278 billion, or 37.29% of the total. Procurement of target materials tripled over the three years, with a compound annual growth rate exceeding 45%. On the equipment front, NAURA and Tuojing Technology are already part of ChangXin’s supply system. The company plans to add 50,000–60,000 wafers of new capacity in 2026. Shenzhen Kaifa Technology’s wholly-owned subsidiary Shenzhen Payton and its majority-owned subsidiary Hefei Payton plan to invest a combined RMB1.47 billion to procure equipment, renovate factory facilities, and expand memory packaging capacity. Once the project is completed, Shenzhen Payton will add 5 million die in monthly packaging capacity and 8 million chips in testing capacity, while Hefei Payton will add 28.8 million die in monthly packaging capacity.