ChangXin Memory Tech Tops A-Share Market Cap on Debut, Bank AICs Hold 4.05%
ChangXin Memory Technologies (688825. SH) became the most valuable A-share listed company on its first trading day, surpassing ICBC in market capitalization. Five major state-owned banks, mainly through their financial asset investment companies (AICs), collectively hold about 4.05% of the company. CCB holds the largest bank stake at approximately 1.7%, followed by ABC at 0.95%, ICBC at 0.64%, and BoCom and BOC each at 0.38%.
On its first day of trading, ChangXin Memory Technologies (688825. SH) surpassed Industrial and Commercial Bank of China (ICBC) in market capitalization, becoming the most valuable listed company on the A-share market.
The five major state-owned banks participated in the investment in ChangXin Memory primarily through their financial asset investment companies (AICs). According to the company's prospectus, Agricultural Bank of China (ABC) directly holds approximately 0.95% of ChangXin Memory through ABC Investment, making it the largest investor among the bank-affiliated AICs. China Construction Bank (CCB) directly holds about 0.83% through CCB Investment, and additionally holds 0.68% and 0.37% through CCB International and CCB Linghang, respectively, bringing its total stake to approximately 1.7%, the highest among the five state-owned banks. ICBC holds about 0.64% through ICBC Financial Investment, a subsidiary of ICBC Investment. Bank of Communications holds approximately 0.38% through BoCom Financial. Bank of China holds about 0.38% through BOC Asset.
In June 2024, the AICs of the five major banks collectively participated in the investment in ChangXin Memory. Prior to that, ABC Investment and CCB International had already taken the lead in investing.