Northeast Securities assigns a valuation range of RMB 3.2 trillion to RMB 5.7 trillion to Changxin Technology.

According to market data, Changxin Technology listed on China's STAR Market today, with its trading volume exceeding 80 billion yuan in less than half an hour after trading opened.

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Changxin Technology's stock contract on trade.xyz has seen active trading as of press time. The daily trading volume of this contract exceeded $59 million, climbing to fifth place on the platform, with open interest surpassing $88 million. As of press time, Changxin Technology's stock has temporarily opened high and trended lower: its current quote on trade.xyz is $6.6, while its traditional market quote stands at 44.3 yuan.

South Korea's presidential office Cheong Wa Dae said on the 25th that taking the San Francisco AI Summit as an opportunity, South Korean companies have struck a total $950 billion semiconductor cooperation deal with global tech giants. Specifically, Samsung Electronics and Broadcom signed a memorandum of understanding (MOU), agreeing to cooperate over the next five years on the supply of $200 billion worth of high-end memory chips and wafer foundry production for AI chips. SK Group will advance a five-year long-term high-end memory chip supply partnership worth $750 billion with global tech firms including NVIDIA. However, the massive orders have so far failed to lift South Korea's stock market. According to Bitget market data, SK Hynix opened higher this morning but has since trended downward, currently down over 0.8%. Driven by this, South Korea's KOSPI index fell 0.93%. Analysts pointed out that the frequent "good news fades" phenomenon indicates the global market is no longer giving positive feedback to AI-related positive news.

Changxin Technology opened higher but trended lower, briefly falling below 40 yuan and now trading at 45 yuan. Its stock contract is quoted at 6.4 US dollars. Additionally, China’s STAR 50 Index dropped more than 3%, with the entire semiconductor industry chain slumping. GigaDevice hit the daily limit down, Hua Hong Semiconductor and Allwinner Technology fell over 10%, while Montage Technology, Tongfu Microelectronics, BYV Storage and others led the declines.

When China's A-share market opened, the Shanghai Composite Index fell 0.14%, the Shenzhen Component Index declined 0.04%, and the ChiNext Index edged up 0.03%; ChangXin Technology surged 471.59% on its first day of listing, opening at 49.5 yuan per share with a corresponding market capitalization of 3.31 trillion yuan, making it the largest-cap stock on the A-share market.