Changxin Technology listed on the STAR Market on July 27, closing at 49 yuan per share on its first day, a 465.8% surge from its IPO price of 8.66 yuan, giving it a market value of over 3 trillion yuan. The next day the stock pulled back 4.08% to 47 yuan. An investor who sold one lot at that price would have made a profit of 19,170 yuan. The offering comprised 6.688 billion shares, with an over-allotment option of about 1.003 billion shares granted to CICC. The final strategic placement was 1.667 billion shares, with 18 industrial investors including Transsion Holdings, Xiaomi, NIO, Meituan and Alibaba each receiving 18.244803 million shares, a 0.27% stake, subject to an 18-month lock-up. In the offline tranche, more than 190 funds under Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset, effectively controlled by DeepSeek founder Liang Wenfeng, were allotted over 20 million shares as Category B investors, with a subscription amount exceeding 170 million yuan. Based on the latest closing price, first-day paper gains topped 750 million yuan, of which 30% are freely tradable shares, allowing a maximum of over 200 million yuan in paper gains to be realized.
Xiaomi Corp
NIO Inc
Meituan
Alibaba Group Holding Ltd
