China’s domestic DRAM leader Changxin Memory Technology made its debut on the Shanghai STAR Market on 27 July, delivering what may go down as one of the most explosive opening sessions in A-share history.
The company priced its IPO at $8.66 per share. At the opening bell, the stock rocketed to $49.50 — an intra-day surge as high as 471.59%. By the close, Changxin settled at $49, up 465.82%, with a market capitalisation of $3.28 trillion yuan.
The debut shattered multiple A-share records: the single-session percentage gain, a turnover rate above 66%, total market value surpassing ICBC to become the largest listed company on the Shanghai exchange, and single-day trading volume crossing the $140 billion threshold — the first individual stock ever to do so.
The biggest winners were pre-IPO shareholders who had backed the company through years of development. Hefei state-owned capital, as Changxin’s largest shareholder, holds 22.138 billion shares post-IPO. At the $49 close, that stake is worth roughly $1.08 trillion yuan on paper.
Alibaba’s affiliated entities booked a paper gain of around $147.6 billion yuan on their 3.013 billion shares. Founder and chairman Zhu Yiming, together with nine other directors and senior executives holding a combined 2.012 billion shares, saw their collective stake valued at approximately $98.5 billion.
The retail frenzy was equally striking: 285 institutional investors and 9.42 million individual subscribers participated in the IPO lottery. Among institutions, Taikang Asset Management’s allocation gained roughly $7.1 billion on paper. E Fund, Southern Fund and ICBC Credit Suisse — the top three mutual fund allocators — recorded paper gains of $6.8 billion, $5.6 billion and $4.7 billion respectively.
In the private-investment space, DeepSeek founder Liang Wenfeng’s participating entity netted an estimated $817 million from the debut rally — a notable crossover between China’s AI frontier and its semiconductor hardware base.
Read the original report (Sohu IT)
*Translated and adapted from Sohu IT (it.sohu.com).*