Changxin Technology surges 465.8% on STAR Market debut, tops A-share market cap; Hefei state assets gain over
Changxin Technology surged 465.8% on its STAR Market debut, becoming the most valuable company on the A-share market. Hefei state-owned entities, holding a combined 33.1% stake via vehicles including Qinghui Jidian, saw paper gains exceeding 1 trillion yuan. The city's A-share listed companies' total market cap jumped from 19th to 4th nationally.
Changxin Technology surged 465.8% on its debut on the Shanghai Stock Exchange's STAR Market, pushing its market capitalization to the top of the A-share market. On the third trading day after listing, the stock's turnover accounted for nearly 10% of the STAR Market's total daily turnover.
Hefei state-owned assets, held through multiple entities including Qinghui Jidian, own approximately 33.1% of Changxin Technology, resulting in paper gains exceeding 1 trillion yuan. As a result, the total market capitalization of A-share listed companies in Hefei jumped from 19th place nationally to 4th.
Anhui Province's economic data for the first half of the year showed that the value added of industrial enterprises above designated size grew 12.4% year on year, with high-tech manufacturing up 44.6%, computer, communication and other electronic equipment manufacturing up 61.6%, and automobile manufacturing up 29%.
When global memory chip prices were at a low point in 2016, Hefei invested in Changxin Technology. After the company began production, it recorded losses for several consecutive years, but Hefei did not reduce its investment; instead, it added more. The timeline from initial planning to industry breakout spanned about 10 years.
The National Emerging Industry Venture Capital Guidance Fund encourages long-term and counter-cyclical investment through cross-cycle and counter-cyclical adjustments. The related mechanisms aim to establish an evaluation system aligned with long-term investment to support technological innovation.