Huang Xiaoming, Li Bin, Lei Jun, Liang Wenfeng... Who Are the Biggest Winners in the CXMT IPO Feast?

marsbitPublished on 2026-07-28Last updated on 2026-07-28

Abstract

Changxin Technology, a leading Chinese memory chip manufacturer, successfully listed on the Shanghai Stock Exchange's STAR Market (科创板) on July 8, 2026. Its share price surged from the IPO price of 8.66 yuan to close at 49 yuan on the first day, catapulting its market capitalization to 3.28 trillion yuan, making it the most valuable A-share company and triggering a massive wealth creation event. The biggest winners were the company's founder, Zhu Yiming, and its employees. Zhu Yiming's family wealth skyrocketed nearly 300% to approximately $13.9 billion, with his direct stake in Changxin valued at around 80 billion yuan. Additionally, over 6700 employees benefited from stock ownership plans, creating at least 237 new millionaires (in CNY). Zhu also pledged to donate 768 million shares, worth over 37.6 billion yuan, for future employee incentives over a ten-year period. Several prominent investors and corporate clients also reaped significant paper gains from the IPO. Notable figures include: * **Liang Wenfeng**, founder of DeepSeek, whose funds netted a paper profit of approximately 827 million yuan. * **Kong Jianping**, founder of Nano Labs, saw his indirect holdings valued at roughly 940 million yuan. * **Li Bin**, founder of Nio, whose company's strategic investment of 158 million yuan is now worth about 740 million yuan. * **Lei Jun**, founder of Xiaomi, whose subsidiary holds shares currently showing a paper gain of over 736 million yuan. Xiaomi clarified this ...

Original|Odaily Planet Daily(@OdailyChina)

Author|Wenser(@wenser 2010 )

Yesterday, CXMT Technology landed on the A-share STAR Market, with its closing market value fixed at 3.28 trillion yuan, ranking first in the A-share market by market value, thereby setting off a 'wealth-creation wave.' Based on public information, Odaily Planet Daily has compiled a 'CXMT IPO Personal Profit Ranking' to show you the biggest winners in one article.(Odaily Note: Some data refers to company assets held in an individual's name, not personal wealth)

CXMT Technology Founder Zhu Yiming: Net Worth Soars 300%, Shareholding Value Nears 80 Billion Yuan

As CXMT tops the A-share market, the biggest beneficiary group naturally consists of CXMT Technology founder Zhu Yiming and CXMT employees.

According to the Bloomberg Billionaires Index data, since CXMT's listing, the wealth of its founder Zhu Yiming and his family has surged by nearly 300%, reaching $13.9 billion. The value of his CXMT shareholding alone is approximately 80 billion yuan. Calculated together with his stake in GigaDevice, his peak net worth reached 86.9 billion yuan.

Seven company executives joined the 'billion-yuan net worth' club. At the employee shareholding level, over 6,700 individuals benefited, creating at least 237 new millionaires.

Furthermore, statistics show that 93 public funds collectively received 1.234 billion shares, with static unrealized gains close to 50 billion yuan. Among them, E Fund, Southern Fund, and ICBC Credit Suisse recorded unrealized gains of approximately 6.803 billion yuan, 5.598 billion yuan, and 4.712 billion yuan, respectively.

Finally, founder Zhu Yiming plans to transfer 768 million shares free of charge for future employee incentives within the 10 calendar years following the third anniversary of CXMT Technology's listing. Based on the corresponding market value exceeding 37.6 billion yuan, this could set the record for the largest personal equity incentive plan in A-share history. These shares are subject to a three-year lock-up period.

It can be said that this wave of wealth creation from the CXMT IPO is not just a reward for the senior management team, but also a significant wealth-sharing event for the employees.

Deepseek Founder Liang Wenfeng: Unrealized Gain of 827 Million from Subscribing to CXMT IPO

Yesterday, data from the Weibo Hot Search list showed that 'Liang Wenfeng's 827 million unrealized gain from CXMT IPO subscription' once ranked 25th on the Weibo Hot Search list.

It is understood that two major funds controlled by Liang Wenfeng—Ningbo Huanfang Quantitative (153 products) and Zhejiang Jiuzhang Asset Management (41 products)—a total of 194 products participated in the offline placement for the CXMT IPO, receiving 20,249,700 shares with a total subscription amount of approximately 175 million yuan.

Based on the closing price on the first day, the unrealized gain from this investment is about 827 million yuan. Of the allocated shares, 70% are subject to a 6-month lock-up period, while 30% have no lock-up.

Nano Labs Founder Kong Jianping: Indirectly Holds About 18.98 Million CXMT Shares, Corresponding Market Value ~940 Million Yuan

According to public information and relevant disclosure documents, Kong Jianping, founder of the US-listed company Nano Labs, subscribed 21.34 million yuan through the Yifang Changda Fund, indirectly holding approximately 18.98 million shares of CXMT Technology. Calculated at the opening price of 49.5 yuan, the corresponding market value is about 940 million yuan, representing a return of approximately 44-fold based on related calculations.

Kong Jianping stated that when he invested in CXMT in 2020, the company's valuation was less than 20 billion yuan, which has now surpassed 3 trillion yuan.

Former Midea Group Executive Huang Xiaoming: Subscription Capital Contribution of 106.7 Million Yuan

On the eve of the CXMT IPO, news of 'Huang Xiaoming subscribing to over 12 million CXMT shares' sparked a wave of online discussion about 'the real or fake Huang Xiaoming.'

Initially, some speculated that this Huang Xiaoming might be the mainland Chinese actor Huang Xiaoming. Subsequently, a blogger confirmed with actor Huang Xiaoming himself, ultimately determining it was not him.

Later, based on publicly available online information, this 'Huang Xiaoming' is likely a former executive of Midea Group. He personally contributed 106.7 million yuan, subscribing to over 12.32 million CXMT shares at a price of 8.66 yuan. Based on yesterday's opening price of 49.5 yuan, his unrealized gain is 503 million yuan.

NIO Founder Li Bin: IPO Subscription of 158 Million Yuan, Unrealized Gain ~700 Million Yuan

The wealth creation wave from the CXMT IPO involves not only investors but also clients from different industries. NIO, a new energy vehicle brand and also a leading local enterprise in Hefei, is among them.

In the strategic placement list for CXMT Technology's IPO, the NIO Group committed to subscribing 158 million yuan, with an 18-month lock-up period. Based on the issue price of 8.66 yuan per share, the total subscribed shares are approximately 18.2448 million. Based on yesterday's closing price of 49 yuan per share, NIO's paper gain is about 740 million yuan, representing a return of over 465%.

That day, a blogger posted photos showing NIO founder Li Bin present at CXMT Technology's Shanghai listing celebration dinner, holding red wine and smiling while interacting with numerous CXMT shareholders.

Lei Jun: Subsidiary Holds Over 18.2448 Million Shares, Unrealized Gain Exceeds 700 Million Yuan

Similar to NIO, Xiaomi Group is also one of CXMT Technology's clients. In this IPO placement, Wuhan 1810 Enterprise Management Co., Ltd., a wholly-owned subsidiary of Xiaomi Group, also participated, ultimately receiving 18.2448 million shares.

Based on the issue price of 8.66 yuan per share, the company's unrealized gain on the first day of listing is 736 million yuan. Based on ownership tracing (Lei Jun holds 97.48% of Xiaomi Technology), Lei Jun's indirect corresponding paper gain is approximately 717 million yuan.

Of course, after the news spread, Xiaomi Group also responded promptly.

Xu Jieyun, Special Assistant to the Chairman of Xiaomi, posted this morning, stating: 'Just take it as entertainment, don't take it seriously.' According to his explanation, this investment is a corporate-level investment action, and the investment of a subsidiary entity cannot be equated with personal wealth.

This epic IPO has created over 200 new millionaires while also triggering another wave of wealth increase for numerous billionaires, adding wealth to wealth. For ordinary people, perhaps earning 20,000 yuan from one successful IPO lottery subscription is already exceptionally good luck. (800 words of envious remarks omitted here)

Regardless, CXMT Technology is currently undoubtedly the king of A-shares, the 'first domestic memory chip stock.' We look forward to it securing more orders and achieving even better results in the global market.

Related Questions

QWho is the founder of Changxin Technology and what is the estimated value of his shareholding after the IPO?

AThe founder of Changxin Technology is Zhu Yiming. According to the Bloomberg Billionaires Index, the value of his shareholding in Changxin alone is approximately 80 billion yuan (about $11.1 billion). When combined with his stake in GigaDevice, his peak net worth reached 86.9 billion yuan.

QWhat was the closing market capitalization of Changxin Technology on its first day of trading on the STAR Market?

AChangxin Technology closed with a market capitalization of 3.28 trillion yuan on its first day of trading on the STAR Market, making it the highest-valued company on the A-share market at that time.

QWhich company founder achieved a floating profit of approximately 8.27 billion yuan by participating in Changxin's IPO placement?

ALiang Wenfeng, the founder of DeepSeek, achieved a floating profit of approximately 827 million yuan through the IPO placement. His controlled funds, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset, participated in the offline placement.

QWhat was the IPO subscription amount for NIO and what is the estimated floating profit?

ANIO Group committed to a subscription amount of 158 million yuan in Changxin's IPO strategic placement. Based on the first-day closing price, this investment resulted in an estimated floating profit of approximately 740 million yuan, representing a return of over 465%.

QHow did XiaoPeng Huang (former Midea executive) participate in Changxin's IPO and what was his floating profit?

AXiaoPeng Huang, a former executive of Midea Group, personally invested 106.7 million yuan to subscribe for over 12.32 million shares of Changxin at the issue price of 8.66 yuan per share. Based on the first-day opening price of 49.5 yuan, his floating profit was approximately 503 million yuan.

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