Changxin Technology, a leading domestic DRAM company, officially listed on the Shanghai Stock Exchange’s STAR Market on July 27. The stock opened at 49.50 yuan, up 471.59% from its 8.66 yuan offering price. Based on a post-offering total share count of about 66.881 billion shares, its opening market capitalization came to roughly 3.31 trillion yuan, surpassing Industrial and Commercial Bank of China and taking the top spot among A-share listed companies by total market value.
One online allotment implied about 20,420 yuan in profit at the open
The first-day performance also delivered a large paper gain for investors who participated in the subscription. Under the issuance arrangement, each winning online subscription number corresponded to 500 shares. Calculated at the opening price, each lot generated about 20,420 yuan in profit. Changxin Technology’s final online subscription winning rate was 0.47141739%, making it one of the most closely watched new listings of the year.
Record-setting large STAR Market IPO with only 6.73% initially tradable
The listing set a new record for a large IPO on the STAR Market. After the offering, Changxin Technology had about 66.881 billion shares outstanding. Of that total, about 4.503 billion shares were unrestricted and tradable in the initial stage, accounting for about 6.73% of total share capital. With the proportion of tradable shares limited at the start of trading, concentrated buying helped push the stock sharply higher.
Turnover topped 100 billion yuan by around 10 a.m., with temporary trading lag reported
By around 10 a.m., turnover in the stock had exceeded 100 billion yuan, setting a record for single-stock one-day trading value in the A-share market. Turnover ratio was above 48%. Some investors said trading became sluggish shortly after the open, leaving them unable to trade or cancel orders for a period before conditions gradually returned to normal. A brokerage branch executive said there had indeed been lag, adding that there had not been “a new stock with this kind of trading volume.”
Attention centered on the memory-chip sector
Much of the focus on Changxin Technology comes from its position in memory semiconductors. As an important company in China’s DRAM segment, it has long invested in the research, development and manufacturing of dynamic random-access memory. The market views it as a key participant in the domestic memory industry chain. Its listing gives the company a financing channel for future capacity expansion and technology development, while also offering a lens into the progress of China’s memory-chip industry.
As investment in artificial intelligence infrastructure continues, global demand for high-performance computing, servers and related memory products has remained in focus. Memory chips are a critical part of the data-processing chain and a key battleground in semiconductor competition.
Valuation now in focus, but attention is expected to shift to operations
Changxin Technology’s first-day market value above 3 trillion yuan pushed it into the top tier of A-share companies by capitalization and prompted renewed discussion of how domestic semiconductor firms should be valued in public markets. From a corporate development perspective, the high valuation reflects investor expectations for growth in China’s domestic memory industry.
At the same time, the company still faces the question of how to turn technological accumulation into sustained profitability. Competition in semiconductors is not only about capacity scale. It also involves process technology, product mix, customer coverage and supply-chain capability. As competition in the global memory industry continues, whether Changxin Technology can maintain growth will depend on the speed of product iteration and its ability to expand market share.
Price swings in newly listed STAR Market stocks can be significant in the early trading period. Under the exchange’s rules, there is no daily price limit during the first five trading days after an IPO. Investors will still need to watch trading conditions and the company’s subsequent disclosures. Market attention is also likely to move from the first-day jump toward operating performance, including capacity ramp-up, technology progress, industry-cycle changes and long-term profitability.