Changxin Technology Surpasses ICBC on Debut; Big Banks' AICs Hold 4.05%
Changxin Technology (688825. SH) surpassed Industrial and Commercial Bank of China (ICBC) on its first trading day to become the largest company by market capitalisation on the A-share market. The AIC units of five state-owned banks collectively hold about 4.05% of the company's shares. Agricultural Bank of China's Nongyin Investment is the largest bank AIC investor with a 0.95% stake. China Construction Bank's combined holdings via Jianxin Investment, CCB International, and Jianxin Linghang total 1.7%, the highest among the five banks. ICBC, Bank of Communications, and Bank of China hold 0.64%, 0.38%, and 0.38% respectively.
On its debut, Changxin Technology (688825. SH) achieved a market capitalisation that surpassed Industrial and Commercial Bank of China (ICBC), making it the listed company with the highest market capitalisation on the A-share market.
The five state-owned banks participated in the investment primarily through their financial asset investment companies (AICs). According to Changxin Technology's prospectus, Agricultural Bank of China, through its subsidiary Nongyin Investment, directly holds approximately 0.95% of the shares, making it the largest investor among the bank AICs. China Construction Bank, through Jianxin Investment, directly holds 0.83%, and through CCB International and Jianxin Linghang holds 0.68% and 0.37% respectively, bringing its total stake to about 1.7%, the highest among the five state-owned banks. ICBC, through Gongrong Jintou under Gongyin Investment, holds approximately 0.64%. Bank of Communications, through BoComm Financial, holds about 0.38%.
In June 2024, the AICs of the five banks collectively invested in Changxin Technology. Earlier, Nongyin Investment and CCB International had already taken the lead in investing.