Changxin Technology Surges 465.82% on Debut, Market Cap Reaches RMB 3.28 Trillion

Changxin Technology closed at RMB 49.00 on its first trading day, up 465.82% from its IPO price of RMB 8.66, with total turnover of RMB 141.1 billion and a market capitalization of approximately RMB 3.28 trillion.

In the mutual fund segment, 93 fund management companies with 5,419 allocation objects received offline allocations, totaling 12.34 billion shares at an allocation value of RMB 106.89 billion. Based on the closing price, the combined paper profit for mutual fund institutions was approximately RMB 497.90 billion. E Fund Management received 169 million shares worth about RMB 1.461 billion, with a paper profit of approximately RMB 6.803 billion. Southern Fund received 139 million shares worth about RMB 1.202 billion, with a paper profit of approximately RMB 5.598 billion. ICBC Credit Suisse Fund received 117 million shares worth about RMB 1.012 billion, with a paper profit of approximately RMB 4.712 billion. Fullgoal Fund received 83.9041 million shares, with a paper profit of approximately RMB 3.385 billion; Guotai Fund received 74.9853 million shares, with a paper profit of approximately RMB 3.025 billion; and China Asset Management received 74.7428 million shares, with a paper profit of approximately RMB 3.015 billion.

China Merchants Fund, Harvest Fund, GF Fund, and HFT Investment Management recorded paper profits of approximately RMB 2.681 billion, RMB 2.038 billion, RMB 1.803 billion, and RMB 1.622 billion, respectively.

In the private fund segment, 113 private fund managers with 2,460 allocation objects received a total of 161 million shares worth approximately RMB 1.397 billion, generating a first-day paper profit of about RMB 6.509 billion. Jiukun Investment, with 194 allocation objects, received 15.3996 million shares worth about RMB 133 million, with a paper profit of approximately RMB 621 million. High-Flyer Quant received 15.3542 million shares, with a paper profit of about RMB 619 million; Shanghai Yanfu received 15.3512 million shares, with a paper profit of about RMB 619 million; Hainan Shiji Qianyan received 15.0033 million shares worth about RMB 130 million, with a paper profit of about RMB 605 million. Shanghai Minghong received 8.9227 million shares, with a paper profit of about RMB 360 million; Shanghai Chengqi received 8.5307 million shares, with a paper profit of about RMB 344 million; Shanghai Jiaqi and Shanghai Jinde recorded paper profits of about RMB 259 million and RMB 237 million, respectively.

Zhejiang Jiuzhang, Hainan Evolution, Shanghai Mingshi, and Ningbo Lingjun each received more than 4.5 million shares, with corresponding paper profits of approximately RMB 197 million, RMB 185 million, RMB 183 million, and RMB 182 million. Ningquan Asset received 2.2079 million shares, with a paper profit of about RMB 89.0667 million; Chongyang Investment received 1.6526 million shares, with a paper profit of about RMB 66.6659 million; and Panjing Investment received 1.5799 million shares, with a paper profit of about RMB 63.7332 million.

At the product level, the E Fund Blue Chip Select and E Fund Quality Select funds managed by Zhang Kun each received 421,800 shares; the E Fund Consumer Sector and E Fund High-Quality Strict Selection Three-Year Holding funds managed by Xiao Nan also each received 421,800 shares. Based on the closing price, each product recorded a paper profit of approximately RMB 17.0146 million. The Zhong Ou Medical Innovation fund managed by Ge Lan and the Zhong Ou Medical Health fund co-managed by Ge Lan and Zhao Lei each received 421,800 shares. The Ruiyuan Growth Value fund co-managed by Fu Pengbo and Zhu Lin and the Ruiyuan Balanced Value Three-Year Holding fund managed by Zhao Feng also received the same allocation. The Xingquan He Run fund managed by Xie Zhiyu, the Invesco Great Wall Dingyi fund co-managed by Liu Yanchun, the Huatai-PineBridge Consumer Sector fund managed by Hu Xinwei, the Caitong Value Momentum fund managed by Jin Zicai, the Dacheng Xinrui Industry fund managed by Han Chuang, and the GF Innovation Upgrade fund managed by Liu Ge Song each received 421,800 shares. A total of 1,384 mutual fund products received 421,800 shares each. Because the issuance used a proportional allocation method, many products that placed maximum orders ended up with the same allocation, resulting in minimal differences in paper profits among individual products.

Among private fund products, several B-class products that placed maximum orders ultimately received 281,400 shares each, including Evolution Yiping Select, Century Frontier Guangsheng Quantitative Preferred 2 Phase A, Mingshi Jizhong No. 11 Timing Hedge Quantitative, and Ningquan Zhiyuan No. 59. Each product recorded a paper profit of approximately RMB 11.3522 million. The maximum allocation for individual private fund products was lower than that for mutual fund products, mainly due to differences in classification allocation ratios. The allocation ratio for Class A investors was 0.18338294%, while for Class B investors it was 0.12235279%.

Of the shares allocated to offline investors, 30% became tradable from the first trading day, while the remaining 70% are subject to a six-month lock-up period. The paper profits mentioned above are calculated statically based on the total allocated shares and the first-day closing price, and do not represent the actual gains that institutions could realize on the first day.