TENCENTЦена Tencent Holdings Ltd (Derivatives)

A decade ago, China held no share in the global DRAM market. Today, Changxin Technology, after listing on the STAR Market, has become the most valuable A-share company. Its landmark IPO has generated historic returns for investors. Among them, Tencent, which invested approximately 2 billion RMB in 2022 through its entity Beijing Fengyi, now holds an estimated paper gain of around 50 billion RMB based on Changxin's current market valuation of approximately 4 trillion RMB. Alibaba also made significant bets. Its affiliates invested a total of roughly 7.6 billion RMB across two funding rounds in 2022 and 2025. Their combined stake is now worth an estimated 170 billion RMB—a paper profit surpassing Alibaba's entire net profit for fiscal year 2026. The shareholder registry reveals a who's who of Chinese capital. Major state-backed funds like the National Integrated Circuit Industry Investment Fund (Big Fund II) and Anhui provincial capital hold stakes worth hundreds of billions. Early and crucial support came from the Hefei municipal government, which played a foundational role in the company's establishment and growth. Strategic industrial investor GigaDevice, under the same leadership as Changxin, invested about 2.3 billion RMB, now worth roughly 53 billion. Home appliance giant Midea's 1 billion RMB investment has ballooned to an estimated 22 billion RMB. Virtually all major domestic financial institutions, venture capital, and private equity firms participated. However, the story also includes a notable exit: Country Garden's venture arm sold its stake for 2 billion RMB in late 2024 to address its own liquidity crisis. Those shares would be worth approximately 44 billion RMB at the IPO price, highlighting a stark contrast in timing between the downturn of the real estate cycle and the rise of the semiconductor sector.