Changxin Technology will go public tomorrow, with its over-the-counter market valuation reaching 2.76 trillion yuan.

Changxin Technology will list on the STAR Market of the Shanghai Stock Exchange on July 27, with an initial market capitalization of around 580 billion yuan. The IPO is priced at 8.66 yuan per share, and the final online subscription winning rate hit 0.4714%, a new record for STAR Market IPOs. After full exercise of the over-allotment option, total fundraising can reach up to 66.6 billion yuan. According to Hyperinsight monitoring, the price of CXMT (Changxin Memory, with Changxin Technology as its listed entity) Pre-IPO contract on Hyperliquid is currently quoted at $6.087, equivalent to a share price of 41.2 yuan. Calculated based on the total share capital of 66.881 billion shares post-IPO, the on-chain implied market value stands at approximately $407.1 billion, or around 2.76 trillion yuan. Based on this valuation, the subscription cost for a single retail lot of 500 shares is 4,330 yuan, with an estimated market value of 20,600 yuan for 500 shares on the first trading day, translating to a single lot profit of roughly 16,000 yuan. Founded in 2016, Changxin Technology is China’s largest and most technologically advanced integrated DRAM R&D, design and manufacturing enterprise. In Q4 2025, it held a 7.67% global DRAM market share, ranking fourth worldwide and first in China, with ambitions to become the world’s third-largest DRAM supplier. In Q1 2026, the company’s revenue reached 50.8 billion yuan, surging 719% year-on-year; net profit attributable to shareholders hit 24.762 billion yuan, a 1688% year-on-year jump. For the first half of 2026, it forecasts net profit attributable to shareholders of between 50 billion and 57 billion yuan.