Changxin Technology’s IPO debut set off a broad wealth effect across China’s A-share market, with founder Zhu Yiming, company staff, fund managers and industrial investors all recording large paper gains, according to a report cited by BlockTempo from Odaily.
The report said the listing did more than reward Changxin’s founder and management team. It also lifted employee shareholders and delivered sizable mark-to-market profits to outside names including Liang Wenfeng, NIO, Xiaomi and an investor identified as Huang Xiaoming.
Zhu Yiming and employees led the list of beneficiaries
Among the clearest winners were Zhu Yiming and Changxin’s employee base. Data from the Bloomberg Billionaires Index, as cited in the report, showed Zhu’s family fortune had risen nearly 300% since Changxin’s listing to $13.9 billion. The value of his Changxin holdings alone was estimated at roughly RMB 80 billion, and when combined with his GigaDevice stake, his peak net worth was calculated at RMB 86.9 billion.
At the management level, seven executives moved into the category of having a net worth above RMB 1 billion. On the employee ownership side, more than 6,700 participation instances benefited, and at least 237 people became paper millionaires with wealth above RMB 10 million.
The report also said Zhu plans to transfer 768 million shares free of charge for future employee incentives over 10 calendar years after Changxin has been listed for three full years. Based on the figures cited, those shares would be worth more than RMB 37.6 billion. The shares would be subject to a three-year lock-up, and the arrangement could set a record for the largest personal equity incentive plan in the A-share market.
That structure means the gains from the IPO were not limited to the founder and senior executives. The benefit also reached a much broader layer of employees.
Public funds were allocated 1.234 billion shares
Public mutual funds were another major winner. Statistics cited in the report showed products under 93 public fund houses received a combined allocation of 1.234 billion shares, with static floating profit close to RMB 50 billion.
- E Fund Management: about RMB 6.803 billion in floating profit
- China Southern Fund: about RMB 5.598 billion
- ICBC Credit Suisse Fund: about RMB 4.712 billion
Those institutional gains added to the scale of the wealth effect created on the first trading day.
Liang Wenfeng-linked funds posted about RMB 827 million in paper gains
Weibo hot search data showed the topic “Liang Wenfeng made RMB 827 million floating profit from subscribing to Changxin Technology” briefly reached No. 25 on the platform’s trending list.
According to the report, two Liang-controlled fund groups — Ningbo High-Flyer Quant and Zhejiang Jiuzhang Asset — took part in Changxin’s offline IPO placement through 194 products in total. Of those, 153 products came from Ningbo High-Flyer Quant and 41 from Zhejiang Jiuzhang Asset. Together they were allocated 20.2497 million shares, with a total subscription amount of about RMB 175 million.
Calculated at the first-day closing price, the investment generated around RMB 827 million in paper gains. The report added that 70% of the allocated shares carry a six-month lock-up, while 30% have no lock-up period.
Kong Jianping said his early investment returned about 44 times
Based on public information and disclosure documents referenced in the report, Nano Labs founder Kong Jianping subscribed RMB 21.34 million through the Yifang Changda Fund and indirectly held about 18.98 million Changxin shares.
At the opening price of RMB 49.5 on the day, that stake would have been worth about RMB 940 million. The report said the return, by related estimates, was around 44 times.
Kong himself said that when he invested in Changxin in 2020, the company’s valuation was still below RMB 20 billion. It has now exceeded RMB 3 trillion, according to his statement cited in the report.
The “Huang Xiaoming” investor was not the actor
Before the IPO, discussion spread online after news circulated that “Huang Xiaoming subscribed to more than 12 million Changxin shares.” The first wave of speculation centered on whether the buyer was the mainland actor Huang Xiaoming. A blogger later checked with the actor directly, and the report said it was confirmed not to be him.
Based on publicly available online information, the “Huang Xiaoming” in question was identified in the report as a former Midea Group executive. He reportedly invested RMB 106.7 million personally and subscribed to more than 12.32 million Changxin shares at RMB 8.66 each. Using the previous day’s opening price of RMB 49.5, his floating profit came to RMB 503 million.
NIO and Xiaomi also appeared in the strategic placement list
The wealth effect from Changxin’s IPO was not limited to financial investors. It also extended to corporate participants from other industries.
NIO Group was listed among the strategic investors, with a committed subscription amount of RMB 158 million and an 18-month lock-up period. Based on the IPO price of RMB 8.66 per share, NIO subscribed to roughly 18.2448 million shares. Using the previous day’s closing price of RMB 49 per share, the report calculated NIO’s paper gain at about RMB 740 million, with a return above 465%.
A blogger also posted photos that were said to show NIO founder William Li at Changxin Technology’s Shanghai listing appreciation dinner, holding a glass of red wine and interacting with multiple shareholders.
Xiaomi Group, another Changxin customer, also took part in the IPO allocation through its wholly owned subsidiary Wuhan Yibabayi Ling Enterprise Management Co., Ltd. The subsidiary was ultimately allocated 18.2448 million shares. Based on the IPO price of RMB 8.66 per share, the first-day floating profit was RMB 736 million.
The report went on to say that, after tracing ownership, Lei Jun’s indirect corresponding paper gain was about RMB 717 million because he holds 97.48% of Xiaomi Technology.
Xiaomi responded shortly after the discussion spread. Xu Jieyun, special assistant to Xiaomi’s chairman, wrote in a morning post: “Just take it as something fun to watch, don’t take it seriously.” He said the investment was made at the company level, and that investment by a subsidiary should not be mixed with an individual’s personal wealth.
A concentrated burst of paper wealth
From the founder, executives and employee shareholding platforms to mutual funds, quant firms and industrial capital, Changxin Technology’s IPO created a wide spread of mark-to-market gains. The report described the listing as one that produced more than 200 paper millionaires at the RMB 10 million level while also sharply lifting the fortunes of several already-wealthy investors.
It also noted that for ordinary investors, making RMB 20,000 from a winning IPO allotment would already count as rare good luck. Against that backdrop, Changxin is now being described in the report as the “king of A-shares” and the “first domestic storage stock.”