Changxin Technology surges over 530% in STAR Market debut, topping A-shares at RMB3.66 trillion
Changxin Technology (688825. SH) made its trading debut on the Shanghai STAR Market on July 27, with shares soaring more than 530% by the midday break to reach a market capitalisation of RMB3.66 trillion, making it the largest A-share company by market value. The IPO raised RMB57.919 billion. First-hour turnover exceeded RMB100 billion and the turnover rate surpassed 50%. Alibaba, through two entities, holds a combined nearly 5% stake valued at over RMB170 billion, while Hefei state capital’s holding topped RMB1 trillion. The world’s fourth-largest DRAM maker reported first-quarter revenue of RMB50.8 billion and net profit of RMB24.762 billion. Chairman Zhu Yiming’s indirect stake was worth RMB86.9 billion.
Changxin Technology (688825. SH) debuted on the STAR Market on July 27. By the midday break, the share price had surged more than 530%, giving it a total market capitalisation of RMB3.66 trillion. The opening market cap was about RMB3.31 trillion, vaulting it to the top of the A-share market by market value. Turnover during the first hour of trading exceeded RMB100 billion and the turnover rate surpassed 50%. Alibaba, through two entities, holds a combined nearly 5% stake in Changxin Technology, having invested roughly RMB7.6 billion; the stake is now worth more than RMB170 billion. Following the IPO, Hefei state capital holds 22.138 billion shares. At the opening price of RMB49.50 per share, the market value of that holding exceeds RMB1 trillion.
Fourteen directors, senior executives, and core technical staff of Changxin Technology, along with their immediate family members, collectively hold 2.034 billion shares indirectly. At a price of RMB54.65 per share, the combined value totals RMB111.179 billion. Chairman Zhu Yiming's stake is worth RMB86.9 billion, while director and president Cao Kanyu's stake is valued at RMB11.596 billion. Five other executives hold stakes worth more than RMB1 billion each: Zhu Wenju (RMB2.915 billion), Zhang Yu (RMB2.765 billion), Huang Danyang (RMB1.983 billion), Li Hongwen (RMB1.523 billion) and Yuan Yuan (RMB1.107 billion).
Changxin Technology is the world's fourth-largest DRAM maker. Its market share rose from 3% in the first quarter of last year to 8% in the first quarter of this year. Samsung, SK Hynix, and Micron held shares of 38%, 29%, and 22%, respectively. As of July 24, Micron Technology had a market cap of US$1 trillion; on July 27, SK Hynix’s market cap was 1,226 trillion won, and Samsung Electronics’ was 1,441 trillion won. Changxin Technology posted revenue of RMB61.799 billion and net profit attributable to the parent of RMB1.87 billion last year. In the first quarter of this year, revenue reached RMB50.8 billion and net profit hit RMB24.762 billion.