ChangXin Tech Surges 465.82% to RMB3.31 trillion on STAR Debut; NIO, Chery, Xiaomi Subscribe RMB158m, BYD
ChangXin Technology surged 465.82% on its first trading day on the STAR Market, closing at RMB49 a share and reaching a market capitalisation of RMB3.31 trillion, overtaking Intel to become the most valuable company on China’s A-share market. NIO, Chery and Xiaomi each committed RMB158 million in the strategic placement, with paper gains of roughly RMB740 million each. An early RMB50 million investment by BYD is now valued at about RMB462 million. The car-grade memory chip supplier’s debut follows a sharp price rally in the sector.
ChangXin Technology officially landed on the STAR Market at an IPO price of RMB8.66 per share. On its first trading day, the stock opened sharply higher, triggered multiple trading halts during the session, and closed at RMB49 per share, a gain of 465.82%. Based on the closing price, its total market capitalisation reached RMB3.31 trillion, surpassing Intel to become the most valuable company on China’s A-share market.
In the strategic placement of ChangXin Technology, NIO committed to subscribe RMB158 million, receiving approximately 18.2448 million shares with an 18-month lock-up period. At the debut closing price, the investment’s paper value rose to about RMB894 million, yielding a floating profit of around RMB740 million and a return of nearly 466%. NIO did not disclose further cooperation details, but industry analysis suggests the move aims to secure the stability of automotive-grade memory chip supply.
Besides NIO, Chery Automobile participated in the strategic placement through its subsidiary Chery Intelligent Vehicle Technology (Hefei) Co. , Ltd. , and Xiaomi Technology subscribed the same RMB158 million through its wholly owned subsidiary Wuhan 1810 Enterprise Management Co. , both with an 18-month lock-up. Based on the same allotment size, the floating paper gains for the two companies also reached a range of RMB700 million to RMB800 million. Xiaomi Technology’s chairman Lei Jun holds a 97.48% stake in Xiaomi Technology, but Xiaomi Group stated that the investment is a corporate action unrelated to personal wealth.
BYD was among the early automaker investors in ChangXin Technology. In December 2020, BYD invested RMB50 million in ChangXin Technology's first round of financing at a pre-money valuation of RMB19.8 billion. BYD chairman Wang Chuanfu also appears on the list of ChangXin Technology’s natural-person shareholders, holding a beneficial interest of 0.014%. At the debut closing market cap, that stake is valued at approximately RMB462 million.
The automotive-grade memory chip market has long been dominated by Samsung, SK Hynix and Micron, which together hold over 90% of the global automotive-grade DRAM market. From March to June this year, overall domestic automotive-grade memory chip prices rose about 180%, and high-end DDR5 models surged more than 300%. NIO founder William Li has said that the automaker’s latest generation vehicles use over 4,000 chips per car, with a total chip value exceeding RMB36,000. ChangXin Technology’s LPDDR5X automotive memory chip has been deployed in NIO models, with teams from both sides completing adaptation and verification. ChangXin Technology’s factory is located in the same economic development zone as NIO, and the proximity helps reduce communication costs and verification cycles.