CXMT Surges Over 500% in STAR Debut, Market Cap Tops RMB3.5 Trillion; Country Garden Ventures Misses Nearly
CXMT soared over 500% by midday on its STAR Market debut, with turnover exceeding RMB100 billion and a market capitalization topping RMB3.5 trillion, making it the largest A-share company. Founder Zhu Yiming’s stake increased by RMB70 billion. Country Garden Ventures, which acquired a 1.56% stake in a 2021 funding round, sold that holding in December 2024 for RMB2 billion, or RMB2.22 per share. With shares now above RMB50, the firm missed out on nearly RMB46 billion in gains. Alibaba holds 5% with paper profits over RMB160 billion. The Hang Seng Tech Index rose over 1.6%.
CXMT listed on the STAR Market and surged over 500% by the midday break. Turnover exceeded RMB100 billion and its total market capitalization surpassed RMB3.5 trillion, overtaking Industrial and Commercial Bank of China as the largest A-share company. Founder Zhu Yiming’s shareholding value increased by RMB70 billion.
In 2021, Country Garden Ventures participated in CXMT’s Series B funding round, investing RMB900 million for a 1.56% stake. In December 2024, Country Garden Ventures sold the 1.56% equity to Hefei Jianchang for RMB2 billion, equivalent to RMB2.22 per share. With the current share price breaking above RMB50, had the stake not been transferred, Country Garden could have realized a gain of nearly RMB46 billion. Country Garden’s Hong Kong-listed entity has a market cap of just over HK$8 billion, while Country Garden Services has a market cap of HK$18.2 billion.
Alibaba, through two entities, holds a combined 5% stake in CXMT, with unrealized profits exceeding RMB160 billion. Meituan and Xiaomi also took part in a share placement and are subject to an 18-month lock-up period. The Hang Seng Tech Index rose more than 1.6%.