On the First Day of Listing, Changxin Technology's Market Value Exceeds 3 Trillion Yuan, Which Securities Firm Has the Largest Floating Profit?
On July 27th, Changxin Technology, the largest-ever IPO on China's STAR Market, debuted with its share price soaring 465.82% to close at 49 yuan. Its market capitalization reached 3.28 trillion yuan, instantly making it the most valuable A-share company.
The stellar performance delivered substantial gains for involved securities firms, primarily through equity investments rather than underwriting fees. China Merchants Securities emerged as the biggest winner. Its direct investment subsidiary, Zhaozheng Investment, alone holds a 0.54% pre-issue stake, translating to a paper profit exceeding 155 billion yuan based on the first-day closing price—surpassing the firm's entire 2025 net profit of 123.5 billion yuan.
Other major beneficiaries include Huaan Securities, with an estimated profit of around 123 billion yuan from its 0.44% stake, and the lead underwriters, CICC and CITIC Securities, which each gained approximately 46 billion yuan from mandatory follow-on investments. Firms like Founder Securities, Haitong Securities, and GF Securities also reported significant holdings valued in the billions.
Despite these paper gains, shares of some brokerages like Huaan and China Merchants fell on the listing day, reflecting broader market pressures.
Analysts remain bullish on Changxin's long-term prospects, citing the AI-driven demand surge for DRAM (Dynamic Random-Access Memory) and a supportive supply-demand dynamic with projected shortages through 2028. As China's largest and most advanced integrated DRAM designer and manufacturer, Changxin is poised to capture growth from domestic substitution and global market shifts, potentially challenging the current "big three" oligopoly (Samsung, SK Hynix, Micron). The IPO proceeds, focused on capacity upgrades and R&D, are expected to accelerate China's semiconductor self-sufficiency.
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