# STAR Market İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "STAR Market" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

This Strategy Earned Hefei One Trillion Yuan

This article analyzes the "Hefei Model" that enabled a municipal state-owned investment to generate paper profits exceeding one trillion yuan through the 2026 IPO of ChangXin Memory Technologies (CXMT). It argues against framing this success as a "lucky gamble," instead presenting it as the result of a deliberate institutional system designed to enable long-term industrial investment. The system comprises three core components. First, a **quantified risk-tolerance mechanism**, including a 40% loss allowance for venture funds and a clear "duty-fulfilled exemption" list, decouples project failure from personal career risk for decision-makers, allowing them to focus on industrial potential rather than personal liability. Second, **strategic investment in critical supply chain gaps**: Hefei doesn't just invest in "good" projects, but targets "missing" links essential for its key industries (appliances, displays, cars). The investment in CXMT aimed to fill the critical DRAM memory chip gap, subsequently attracting over 450 upstream and downstream firms and creating a full semiconductor cluster. Third, **institutional authorization for counter-cyclical investment**: Protected by the risk-tolerance framework, Hefei supported CXMT with increased investment during the 2023 global memory industry downturn, enabling it to scale production and capitalize on the 2025 AI-driven demand surge. The article concludes that the true lesson is not the specific investment but building the institutional infrastructure—quantified risk tolerance, deep industry chain analysis, and counter-cyclical mandates—that makes such long-term, strategic bets possible. It notes the final challenge is perfecting the exit mechanism to complete the investment cycle and transform paper gains into sustainable fiscal returns and reinvestment capacity.

marsbit07/29 07:52

This Strategy Earned Hefei One Trillion Yuan

marsbit07/29 07:52

Lei Jun Earns 7 Billion in One Day from CXMT's IPO? Xiaomi Executive Responds

On July 28th, Changxin Technology's stock price on the Sci-Tech Innovation Board experienced minor fluctuations. The company had made a historic market debut the previous day, becoming the first A-share stock to record a single-day trading volume exceeding 1 trillion yuan. This led to significant paper gains for its strategic investors. Among them, Xiaomi's wholly-owned subsidiary was allocated 18.24 million shares with an initial investment of approximately 158 million yuan. Reports estimated a paper profit of 717 million yuan for Xiaomi founder Lei Jun based on his shareholding structure. However, a Xiaomi executive clarified that this was a corporate investment and should not be conflated with personal wealth. Other major beneficiaries included Alibaba and Nio. Alibaba, an early investor, held nearly a 5% stake through two entities, with an estimated paper gain exceeding 160 billion yuan. Nio, participating in the strategic placement, also saw substantial paper returns. Additionally, state-owned banks and insurance institutions that invested in Changxin recorded potential gains in the hundreds of billions. Conversely, companies like Country Garden reportedly missed out on nearly 50 billion yuan in potential gains after divesting their stakes before the IPO due to liquidity pressures. The article notes that these are paper profits based on the listing price, as the allocated shares are subject to lock-up periods, and final realized gains will depend on future stock performance. An employee from Changxin Technology commented that ordinary staff remain focused on their salaries and benefits rather than the market hype.

marsbit07/28 10:42

Lei Jun Earns 7 Billion in One Day from CXMT's IPO? Xiaomi Executive Responds

marsbit07/28 10:42

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

After a prolonged decline, the Chinese A-share market staged a strong rally on July 21. The STAR 50 index surged 10.73%, its largest single-day gain in nearly a year, leading a broad-based "V-shaped" reversal. The Shanghai Composite Index rose 1.79%, the Shenzhen Component Index gained 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover reached 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous session, with over 3,100 stocks advancing. The semiconductor sector spearheaded the rebound, with related ETFs posting significant gains. Analysts attribute the surge to three converging factors. First, coordinated capital inflows from "national team" institutions, insurance funds, listed company buybacks, and fund house self-purchases have bolstered market liquidity and confidence. Second, supportive policy signals, including commitments from regulators to ensure stable market operations, provided a favorable backdrop. Third, a stabilization and recovery in overseas markets, notably South Korea, created a positive external environment. Institutions suggest the most severe panic selling phase for the tech sector has likely passed, following a significant digestion of crowded positions and leveraged funds. While short-term volatility may persist, the medium to long-term outlook remains underpinned by enduring trends like AI computing demand expansion and semiconductor localization. The market's focus now shifts to the sustainability of supportive fund flows, earnings reports, and upcoming catalysts from the global AI industry chain.

marsbit07/22 01:15

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

marsbit07/22 01:15

9.42 Million Retail Investors Compete for Changxin Technology, Who Got Allotted?

Evergreen Technology's IPO subscription results are now available. On July 20, the domestic memory chip giant announced the offline preliminary allotment results and online lottery results for its IPO. A total of approximately 9.43 million retail investors participated in the online subscription, generating 770,000 winning lots with a final winning rate of about 0.4714%, setting a record for new shares on the STAR Market. After triggering a clawback mechanism from institutional to retail investors, the online retail allocation was significantly increased to 3.851 billion shares. Simultaneously, 285 institutional investors participated in the offline subscription, ultimately receiving 2.173 billion shares at an allotment rate of approximately 0.1756%. Leading insurers and public funds were among the major recipients. Notably, Liang Wenfeng, founder of the major AI model company DeepSeek, through his quantitative investment firms Ningbo Huanfang Quantitative and Zhejiang Jiuzhang Asset, secured the largest share among private funds, with a total allotment worth approximately 175 million yuan. Estimates suggest potential profits could reach 730 million yuan if Evergreen Technology's market capitalization reaches 3 trillion yuan post-listing. The company is expected to list on July 27 and could become the highest-valued tech stock on the A-share market, with various brokerages providing valuations ranging from 1 trillion to over 4 trillion yuan. However, recent significant corrections in global tech stocks may impact its post-listing performance. (Character count: 1,196)

marsbit07/21 13:36

9.42 Million Retail Investors Compete for Changxin Technology, Who Got Allotted?

marsbit07/21 13:36

Hyperliquid Pre-IPO Contract Priced at $7.2 for CXMT, Foreign Capital Intervenes in Chinese Storage Narrative via DeFi

On the eve of Changxin Technologies' (CXMT) highly anticipated STAR Market IPO, a novel DeFi platform is enabling a pre-market price discovery. Trade.xyz has deployed a CXMT perpetual contract on the Hyperliquid blockchain, currently trading around $7.2 USDC (implying a market cap of ~$482B). This marks the first time such a "pre-IPO" derivative has targeted a Chinese A-share company. The article highlights several key drivers: overseas investors, restricted by China's 500,000 yuan (~$69,000) STAR Market access threshold, are using this contract as a direct entry point to bet on the "China storage substitution" narrative. Changxin, the world's fourth-largest DRAM supplier, is seen as a major beneficiary of the current AI-driven memory chip shortage. Furthermore, the 24/7, leveraged, and shortable nature of the perpetual contract contrasts with A-shares' T+1 settlement and lack of short-selling mechanisms for such stocks, potentially offering a hedging tool. While the $3.5 trillion implied valuation aligns with optimistic analyst projections, the article notes a critical divergence from similar contracts for U.S. listings like SpaceX: due to capital controls, direct arbitrage between the A-share and the on-chain contract is virtually impossible, meaning a price gap may persist. Nonetheless, the very existence of this parallel market underscores intense global investor interest in China's semiconductor rise, complementing the landmark IPO itself, which aims to raise up to $92 billion.

marsbit07/16 00:22

Hyperliquid Pre-IPO Contract Priced at $7.2 for CXMT, Foreign Capital Intervenes in Chinese Storage Narrative via DeFi

marsbit07/16 00:22

Now It's Just Awaiting Liang Wenfeng to Ring the Bell

DeepSeek, a leading Chinese AI company, is reportedly preparing for an IPO, potentially on the domestic STAR Market, with an application possibly submitted this year. This follows new exchange guidelines supporting pre-revenue AI firms. Concurrently, DeepSeek is discussing a new funding round with a rumored pre-money valuation of around $71 billion. Its recent $7 billion funding round saw participation from founder Liang Wenfeng, Tencent, CATL, JD.com, and others, under strict terms ensuring Liang's control. The competitive landscape is intensifying, with rivals like Zhipu AI and MiniMax also advancing toward IPOs. DeepSeek, once known for its idealistic research focus, is now expanding into areas like AI agents and chip development, signaling a strategic shift to maintain its edge in the race towards Artificial General Intelligence (AGI). The capital markets are becoming a crucial new arena for these ambitions.

marsbit07/15 12:27

Now It's Just Awaiting Liang Wenfeng to Ring the Bell

marsbit07/15 12:27

Hyperliquid Pre-IPO Contract Priced CXMT at $7.2, Foreign Capital Engaging with China's Storage Narrative via DeFi

Hyperliquid, a blockchain-based perpetual contracts platform, has launched a pre-IPO contract for Chinese memory chipmaker Changxin Technology (CXMT) ahead of its STAR Market debut. Priced at 7.2 USDC (approx. $7.2) per share, the contract implies a market cap of about $500 billion, exceeding the official IPO valuation of roughly $80 billion and sitting at the upper end of analyst estimates. This marks the first time such a crypto derivative has targeted a STAR Market listing. It provides global investors, particularly those unable to meet China's 500,000 yuan ($69,000) investment threshold for the STAR Market, a direct avenue to gain exposure to the "China storage substitution" narrative. The 24/7 tradable, leveraged contract also fills a gap for those seeking to hedge or speculate around the A-share listing, which operates under T+1 settlement and restricts short-selling. Changxin Technology, the world's fourth-largest DRAM supplier, is raising nearly $8 billion in one of Asia's largest IPOs this year, buoyed by a DRAM super-cycle and strategic shifts by major competitors. While the Hyperliquid contract offers a novel parallel pricing mechanism, the lack of direct arbitrage with the underlying A-shares may lead to persistent price divergence. Nevertheless, its emergence underscores significant international interest in China's key semiconductor players.

marsbit07/15 04:27

Hyperliquid Pre-IPO Contract Priced CXMT at $7.2, Foreign Capital Engaging with China's Storage Narrative via DeFi

marsbit07/15 04:27

Unitree Passes the Hearing, Hangzhou Reaps the Rewards

Unitree Technology, a leading company in Hangzhou's tech scene known as one of the "Hangzhou Six Dragons," has officially passed the review for listing on the Shanghai Stock Exchange's STAR Market (科创板). It plans to raise 4.202 billion yuan for the research and development of intelligent robot models and robot hardware. This milestone will make Unitree the "first humanoid robotics stock." Founded in 2016 by Wang Xingxing, the company started humbly in a small office in Hangzhou's Binjiang district. Initially, the robotics sector was not viewed favorably by the market, with Unitree's products often labeled as "toys" and struggling to secure funding. At its most critical point, with only around 100,000 yuan left, Wang stopped his own salary to keep the company afloat. A crucial turning point came in 2018 when Hangzhou's state-owned capital system provided timely support. A financial platform under the city's state-owned assets completed due diligence in three days and granted a 20-million-yuan loan within a week. This "patient capital" infusion stabilized Unitree, enabling its transition from prototype development to mass production and commercial viability. Subsequently, Hangzhou Capital, through its two major 100-billion-yuan mother funds—the Hangzhou Science and Technology Innovation Fund and the Hangzhou Innovation Fund—participated in four of Unitree's financing rounds (B2, B3, C, and C+). This continuous backing helped the company grow, attract top-tier industrial investors like China Mobile, Tencent, Alibaba, and Geely, and solidify its position as a global leader in legged robotics. By 2025, Unitree achieved significant scale, with revenue reaching 16.99 billion yuan, net profit of 5.91 billion yuan, global leadership in humanoid robot shipments, and over 33,000 quadruped robots sold worldwide. Unitree's journey exemplifies Hangzhou's strategy of nurturing hard-tech startups from "seedlings" to industry leaders. Beyond Unitree, Hangzhou's capital ecosystem has supported other "Six Dragons" like Cloudwalk, BrainCo, and DeepSeek. The city has established a 500-billion-yuan "3+N" industrial fund cluster and specialized early-stage funds like the "Runmiao Fund" with a 20-year term to fill funding gaps for very early-stage projects. This robust "capital + talent" model, coupled with an influx of over 430,000 young professionals in 2025 alone, has fostered a vibrant innovation ecosystem. Hangzhou is now home to 48 unicorns and 413 potential unicorns, building comprehensive industrial chains in AI, robotics, brain-computer interfaces, and more. As Hangzhou experiences a wave of IPOs, it is solidifying its reputation as an ideal city for entrepreneurs.

marsbit06/01 10:11

Unitree Passes the Hearing, Hangzhou Reaps the Rewards

marsbit06/01 10:11

Behind Changxin Technology, Stands a Group of A-Share Companies

Changxin Technology, a leading Chinese DRAM (Dynamic Random Access Memory) manufacturer, has passed the review by the STAR Market listing committee, moving closer to an IPO. The company, seeking to raise 29.5 billion yuan, is the first to utilize the new "pre-review mechanism" on the STAR Market, expediting its approval process within five months. As China's largest and most technologically advanced integrated DRAM company, Changxin has achieved mass production of mainstream DDR5 and LPDDR5X products. It holds the fourth-largest global market share and ranks first in China, though it still trails behind industry leaders Samsung, SK Hynix, and Micron in areas like HBM technology. The company reported its first annual profit in 2025, with net profit surging to 24.762 billion yuan in Q1 2026, driven by booming AI-related demand. The IPO has drawn significant market attention due to Changxin's extensive and prestigious shareholder base. This includes state-backed funds like the National Integrated Circuit Industry Investment Fund II, industrial partner GigaDevice, internet giants (Xiaomi, Alibaba, Tencent), and several securities firms and A-share listed companies such as InfoMotion, Shangfeng Cement, and Hefei Urban Construction, which stand to benefit from the listing. The company's founder, Zhu Yiming, a pivotal figure in China's semiconductor industry who also founded GigaDevice, has committed to an unprecedented long-term lock-up of his shares and a massive personal equity incentive plan worth an estimated over 20 billion yuan for employees, excluding himself, upon listing.

marsbit05/28 03:25

Behind Changxin Technology, Stands a Group of A-Share Companies

marsbit05/28 03:25

The Investment Circle's Shared Answer: Unitree

English Summary: "Unitree, a leading Chinese humanoid robotics company, has officially filed for a科创板 (STAR Board) IPO, marking a potential 'A-share humanoid robotics first stock.' The company, founded by Wang Xingxing, has demonstrated remarkable commercial success, reporting 2025 revenue of approximately RMB 1.708 billion (a 335% year-on-year increase) and a net profit exceeding RMB 600 million, with gross margins nearing 60%. A key to its growth has been the strategic shift from quadruped robots to humanoids. Its humanoid robot sales surged from just 5 units in 2023 to 5,500 in 2025, with the average selling price dropping significantly to RMB 167,600 while maintaining high profitability. The company boasts a star-studded investor lineup, including Meituan, Sequoia China, Matrix Partners, Tencent, Alibaba, BYD, and Geely, reflecting strong industry and capital consensus on the robotics sector. Its IPO is seen as a major milestone, setting a valuation benchmark for the entire industry and opening a crucial exit channel for investors. The broader humanoid robotics market in China is experiencing a financing boom, with over 133 funding rounds in 2026 alone for 115 companies. However, Unitree acknowledges that a key technological challenge remains: the development of a mature 'brain' (embodied AI) for true autonomous decision-making, not just advanced 'cerebellum' movement control. Despite this, its successful commercialization and path to IPO have made it a standout, with early backers like Lei Jun's Shunwei Capital poised for significant returns."

比推03/23 08:19

The Investment Circle's Shared Answer: Unitree

比推03/23 08:19

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