ChangXin Technology made a blockbuster debut on Shanghai’s STAR Market on July 27, 2026, opening at RMB 49.50 versus an issue price of RMB 8.66, a jump of 471.59%. Based on 66.881 billion post-offering shares, the company’s market capitalization reached RMB 3.31 trillion at the open, later nearing RMB 3.66 trillion intraday, while turnover hit a record RMB 141.187 billion for a single A-share stock in one day. The listing also cast fresh attention on Country Garden’s earlier investment. The developer invested RMB 2 billion in ChangXin in 2021 through a Series B capital increase, initially taking about 2.24% and later being diluted to 1.56%. In December 2024, under funding pressure, it sold the entire stake to a Hefei state-owned buyer for the same RMB 2 billion it had originally paid. At ChangXin’s opening valuation, that former holding was worth about RMB 50 billion. The transaction has become a sharp example of how China’s property downturn forced asset sales even when a long-term industrial bet was working. Country Garden had once framed venture investing around advanced manufacturing and semiconductors, but by the time it exited ChangXin, the group was focused on liquidity, debt pressure and project delivery. The proceeds were designated for general working capital, mainly to support home delivery and construction projects.

ChangXin Technology, a domestic memory chip maker listed in Shanghai under 688825.SH, made a blockbuster debut on July 27, closing at RMB 49 per share, up 465.82% from its issue price and ending the day with a market capitalization of RMB 3.28 trillion. The company set several records cited in the source material, including the largest IPO in STAR Market history, becoming the first A-share stock to open above RMB 3 trillion in market value, overtaking Industrial and Commercial Bank of China for the top spot in the A-share market-cap ranking, and posting more than RMB 100 billion in first-day turnover. Based on the closing price, one subscription lot would have generated roughly RMB 20,000 in profit. The listing also translated into large paper gains for strategic investors, public and private funds, and company insiders. NIO, which committed RMB 158 million in the strategic placement, was shown with an estimated paper gain of about RMB 740 million, while Wuhan Yibabayi Ling Enterprise Management, identified in the source as a Xiaomi subsidiary, posted a similar first-day gain. Data cited from Chinese financial media showed public funds sitting on about RMB 49.79 billion in static gains and private funds on about RMB 6.509 billion. The report also highlighted founder Zhu Yiming, multiple executives and core technical staff with holdings valued above RMB 100 million, employee incentive shares worth more than RMB 37.6 billion at the close, and the roughly RMB 49.168 billion in missed paper gains tied to Country Garden’s prior exit from a 1.56% stake.

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