Changxin Technology Jumps 471.59% on STAR Market Debut, Becomes Largest A-Share Company
Changxin Memory Technologies (Changxin Technology) debuted on Shanghai's STAR Market at RMB 49.5 per share, surging 471.59% above its issue price of RMB 8.66. The opening market cap of RMB 3.31 trillion made it the largest A-share company. The IPO raised RMB 66.6 billion, a record for the STAR Market. Proceeds will fund manufacturing upgrades, DRAM technology development, and R&D. Anhui now has 190 A-share listed firms; 85% of recent domestic listings in the province are high-tech or specialty enterprises.
Changxin Memory Technologies Group Co. , Ltd. (stock abbreviation: Changxin Technology, code: 688825) listed on the Shanghai Stock Exchange's STAR Market at 9:30 a. m. on July 27, with an opening price of RMB 49.5 per share, up 471.59% from the issue price of RMB 8.66 per share. Its opening market capitalization briefly reached RMB 3.31 trillion, making it the largest company by market value on the A-share market. Founded in 2016 and headquartered in Hefei, Anhui province, Changxin Technology is China's largest and most technologically advanced integrated DRAM design, development, and manufacturing company with the most comprehensive layout. The company's initial public offering raised approximately RMB 57.9 billion in basic proceeds, breaking the previous record of RMB 53.2 billion set by Semiconductor Manufacturing International Corp. (SMIC) for the largest STAR Market IPO. After full exercise of the over-allotment option (green shoe mechanism) granted to the lead underwriter, the total fundraising amount further increased to RMB 66.6 billion. According to the prospectus, the net proceeds will be used for: a memory wafer manufacturing mass production line upgrade project with a total investment of RMB 7.5 billion, fully funded by the IPO proceeds; a DRAM memory technology upgrade project with a total investment of RMB 18 billion, of which RMB 13 billion is from the IPO proceeds; and a forward-looking technology research and development project with a total investment of RMB 9 billion, fully funded by the IPO proceeds. As of now, the total number of A-share listed companies in Anhui province has reached 190, ranking seventh in the country. Among them, the number of STAR Market listed companies has increased to 26, ranking sixth nationally. Since the implementation of Anhui's 'Welcome Pine Action Plan' to promote corporate listings in 2022, the province has added 41 new domestic listed companies, moving its national ranking from ninth to seventh. Of the companies that have gone public domestically in the past four years, 85% are specialized and new 'little giant' or high-tech enterprises.