Changxin Technology Surges Over 470% in STAR Market Debut; Yangtze Memory Initiates IPO Tutoring
Changxin Technology listed on the Shanghai STAR Market on July 27, 2026, with its shares surging over 471.59% from the issue price of RMB8.66 to an opening price of RMB49.50, giving a market capitalisation of RMB3.31 trillion. Intraday, the stock jumped more than 530%, briefly making it A‑shares' largest company. Turnover exceeded 53%, with per‑lot gains above RMB20,000. Major backers include Hefei state capital and Alibaba affiliates holding about 5%. Separately, Yangtze Memory started IPO tutoring in May 2026. It achieved mass production of 300‑layer 3D NAND with yields over 90%, first‑quarter 2026 revenue topping RMB20 billion, and global NAND market share rising from 8.1% to 13%.
Changxin Technology officially listed on the Shanghai Stock Exchange's STAR Market on July 27, 2026. Its opening price was RMB49.50, up 471.59% from the issue price of RMB8.66, giving a total market capitalisation of RMB3.31 trillion. During the session the stock surged more than 530%, touching a market cap of RMB3.6 trillion and overtaking Industrial and Commercial Bank of China as the most valuable A‑share company while also surpassing SMIC to top the STAR Market. First‑day turnover exceeded RMB100 billion with a turnover rate above 53%, delivering a profit of over RMB20,000 per lot to successful IPO subscribers.
Before the listing, Changxin Technology had 60 institutional shareholders, including Hefei state‑owned capital, Alibaba, Tencent, Xiaomi and Meituan. As the largest shareholder, Hefei state capital invested RMB14.4 billion a decade ago; its position was worth close to RMB1 trillion at the opening price. Alibaba affiliates held roughly 5%, with a market value near RMB150 billion on an early investment of about RMB7.6 billion. Liang Wenfeng's Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management together received 20,249,700 shares in the institutional tranche for approximately RMB175 million, reaping an unrealised gain of RMB827 million. The company implemented two employee share‑ownership plans: the first at a grant price of RMB1.05 per share covering 3,596 recipients, and the second at RMB0.108 per share covering 3,164 recipients. Chairman Zhu Yiming pledged to distribute his 768 million shares — worth nearly RMB6.65 billion at the issue price and over RMB38 billion at the opening price — to current employees free of charge over the ten years following the three‑year lock‑up. As of end‑2025, the company had 19,298 employees.
In December 2024, an affiliate of Country Garden Venture Capital transferred its 1.56% stake at RMB2.22 per share.
Yangtze Memory officially launched its IPO tutoring process on May 19, 2026, with CITIC Securities and China Securities jointly acting as tutors and deploying a 31‑person team. The company specialises in 3D NAND flash memory, distinct from Changxin Technology's DRAM business.
Yangtze Memory has achieved mass production of 232‑layer and more advanced 3D NAND, reaching 294‑layer volume output in 2025 and 300‑layer volume output in 2026, with yield rates exceeding 90%. Its proprietary Xtacking architecture has broken overseas technology monopolies. On the financial front, revenue for the first three quarters of 2025 was about RMB32.08 billion, up 97.8% year‑on‑year; first‑quarter 2026 revenue surpassed RMB20 billion, doubling year‑on‑year. Global NAND market share climbed from 8.1% in the third quarter of 2025 to 13% in the first quarter of 2026.
Yangtze Memory has no controlling shareholder. Major shareholders include Hubei Changsheng Development (26.54%), Wuhan Xinfei Technology (25.35%) and the National Integrated Circuit Industry Investment Fund phases I and II (combined about 23%), giving state‑owned capital a look‑through holding of over 58%. In the Hurun Global Unicorns Index 2026, Yangtze Memory was valued at RMB150 billion, ranking 32nd.