On July 28, the second trading day of ChangXin Memory Technology (CXMT) on the STAR Market, it opened at 45.22 yuan. As of the time of writing, it was trading at 48.72 yuan, down 0.57%, with a market capitalization of 3.26 trillion yuan.
Just yesterday, this leading domestic DRAM manufacturer officially debuted on the STAR Market. Its first-day performance set several new A-share historical records, with a full-day turnover of 141.187 billion yuan, becoming the first A-share stock in history to exceed 100 billion yuan in single-day turnover. This resulted in huge paper gains for all strategic placement shareholders, including Xiaomi founder Lei Jun.
According to the preliminary offline placement results announced by CXMT on July 20, Xiaomi's wholly-owned subsidiary, Wuhan 1810 Enterprise Management Co., Ltd. (hereafter "1810"), was included in the strategic placement list, receiving an allocation of 18,244,800 shares. Based on the issue price, the total investment was approximately 158 million yuan.
Information from Tianyancha shows that 1810 was established in 2021, primarily engaged in business services, with a registered capital of 5.3 billion yuan and paid-in capital of 3.7857 billion yuan. The company's controlling shareholder is Xiaomi Technology Co., Ltd., in which Lei Jun holds a 97.48% stake. Based on this calculation, Lei Jun's paper profit through 1810 on CXMT's listing day was 717 million yuan.
However, on the morning of July 28, Xu Jieyun, Special Assistant to the Chairman of Xiaomi Group and Deputy General Manager of the Strategy and Market Department, responded by saying, "Friends should just take it as fun, don't take it seriously. Actually, it can't be calculated this way; this is a corporate investment action. The specific subsidiary entity and personal wealth cannot be conflated. Also, once again, congratulations to CXMT."
Image Source: Xu Jieyun's Personal Weibo
Alibaba and Nio also benefited from investing in CXMT. Alibaba Group holds nearly 5% of CXMT's shares through two entities, with a cumulative investment of approximately 7.6 billion yuan. Based on the latest market value on the listing day, the value of Alibaba's holdings exceeds 170 billion yuan, representing a paper gain of over 160 billion yuan and a total return multiple exceeding 20 times.
In fact, Alibaba first invested in CXMT as early as December 2021. At that time, Alibaba (China) Network Technology Co., Ltd. invested about 1.5 billion yuan to acquire approximately 1.12% of CXMT's shares. In June 2026, Alibaba invested another 6.1 billion yuan through its subsidiary Zhejiang Alibaba Cloud Computing Co., Ltd. to participate in CXMT's capital increase and share expansion, raising its total stake to nearly 5%. Alibaba Cloud Computing thus became CXMT's sixth-largest shareholder and the largest industrial investor in the final pre-IPO round.
Nio appeared on CXMT's IPO strategic placement list, committing to subscribe to shares worth 158 million yuan with an 18-month lock-up period, subscribing to approximately 18,244,800 shares. Based on CXMT's closing price of 49 yuan per share on July 27, Nio's paper gain is about 740 million yuan, with a yield exceeding 465%.
Regarding the news that "Nio became a strategic investor in CXMT," Nio Chairman Li Bin told the media that cooperation is currently progressing smoothly and that partnering with CXMT helps stabilize Nio's supply chain. Li Bin himself recently attended a thank-you banquet held by CXMT.
Headquartered in Hefei, Anhui, CXMT has three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, the company is China's number one and the world's fourth-largest DRAM manufacturer.
It is worth noting that Hefei's state-owned capital had already begun laying out the integrated circuit industry before CXMT's birth. In 2013, Hefei City issued an integrated circuit industry development plan, first proposing to build an influential "China Silicon Valley." The listing of CXMT marks a historic leap for Hefei's integrated circuit industry investments, bringing over one trillion yuan in paper gains to Hefei's state-owned capital. Hefei's total A-share market capitalization has exceeded 4 trillion yuan, making it the second-highest city in the Yangtze River Delta by A-share market capitalization.
Within CXMT, 14 directors, senior managers, core technical personnel, and their close relatives collectively indirectly hold 2.034 billion shares of the company. Based on the closing price of 49 yuan per share, the total market value of their holdings reaches 99.666 billion yuan.
Banks and insurance institutions that bet on CXMT also reaped substantial profits. Five major state-owned banks invested in CXMT through their AICs (Asset Investment Companies) and affiliated funds: Agricultural Bank Investment, CCB Investment, ICBC Financial Investment, BOC Asset, and BOCOM Financial hold approximately 574 million shares, 498 million shares, 383 million shares, 230 million shares, and 230 million shares, respectively, totaling about 1.915 billion shares. Additionally, China Merchants Bank, SPD Bank, and Huishang Bank also hold equity through participating in funds and other means. The potential appreciation for this group of banks' holdings exceeds 100 billion yuan.
Regarding insurance companies, Hexie Health holds 901 million shares, China Life Investment holds 476 million shares, PICC Capital holds 467 million shares, Sunshine Life holds 225 million shares, China Post Life holds 225 million shares, and PICC Science and Technology Innovation holds 90 million shares, totaling about 2.384 billion shares, also valued at over 100 billion yuan.
However, some companies regrettably missed out. Market information shows that Country Garden once held a small stake in CXMT during its financing stages. Due to its own debt and liquidity pressures, it completely exited before the IPO, directly missing out on nearly 50 billion yuan in potential paper gains.
It should be noted that the placement shares this time have a relatively long lock-up period. The paper gains calculated for Lei Jun and the Xiaomi-affiliated group, the banking and insurance institutions, and internet giants are merely static estimates. Subsequent stock price fluctuations will directly affect the final realized gains.
According to a report from Dawan News, in response to online discussions about CXMT, a CXMT employee said, "We should keep a calm mindset. No matter what is said online, it doesn't have much to do with us ordinary employees. We ordinary employees are more concerned about whether our future salaries and benefits will change."
This article is from "Jiemian News," reporter: Song Jianan
