Author：DailyEconomy and Finance

On July 27, the domestic storage leading companyChangxin Technology (688825.SH) was listed,becoming a landmark event in the structural changes of the A-share market in recent years, setting multiple records in A-shares:not only is it the largest IPO in the history of the Sci-Tech Innovation Board, but it is also the first A-share stock to open with a market value exceeding 3 trillion,successfully surpassing Industrial and Commercial Bank of China to top the A-share market value ranking,with a single-day trading volume exceeding 100 billion for the new stock.

As of the closing price on the 27th, the company was at 49 yuan/share, with an entire day increase of 465.82%, total market value3.28 trillion yuan. Based on today's closing price, the profit from the new stock can be considerable, with one subscription potentially netting 20,000 yuan. Besides the company's founder Zhu Yiming, whose wealth approaches 100 billion with shares in Changxin Technology and Gigadevice Semiconductor (603986.SH), the company also has 12 directors, executives, and core technical staff with stock holdings exceeding 100 million yuan.

In addition, the company has two phases of employee stock ownership plans covering 6,760 employees, and Zhu Yiming has voluntarily transferred 768 million shares for future employee incentives, corresponding to a market value of over 37.6 billion yuan, which is expected to set the record for the largest personal equity incentive in A-shares, with the related shares subjected to a three-year lock-up period.

NIO's paper profit exceeds 700 million, Li Bin appears at the appreciation dinner,and a company under Lei Jun shows a paper profit of 736 million yuan

According to Jiemian News, recentlyNIO appeared on the strategic allocation list of Changxin Technology's IPO, committing to subscribe for 158 million yuan, with a lock-up period of 18 months. Based on the issue price of 8.66 yuan/share, NIO subscribed for approximately 18,244,800 shares. Calculating at today's closing price of 49 yuan/share, NIO's paper profit is approximately 740 million yuan, with a return exceeding 465%.

On the same day,a blogger posted photos showing that Changxin Technology recently held an appreciation dinner in Shanghai, themed “Ten Years of Long Casting, Forging the Future,” with NIO founder Li Bin attending the dinner, holding red wine and smiling.

Image source: Jiemian News

Disclosure information shows that NIO is a cornerstone strategic partner for Changxin Technology's DRAM products, and the two parties will conduct strategic cooperation on existing automotive-grade LPDDR4X and LPDDR5X products.

Regarding the news that “NIO has become a strategic investor in Changxin Technology,” NIO Chairman Li Bin respondedto the mediastating: the current cooperation is progressing smoothly, and the partnership with Changxin Technology helps stabilize NIO's supply chain stability.

Li Bin has mentioned the cooperation with Changxin multiple times this year.

After the ceremony of NIO's one-millionth vehicle offline in January, he mentioned that the rise in memory prices is the biggest cost pressure this year, but “the rise in memory prices is beneficial for Hefei since Changxin Storage is very close to it, and it is one of the hottest tech companies in China.”

He also mentioned after the launch event for the new vehicle model L60 in June: “The Changxin Storage factory is very close to us, just a few hundred meters, maybe about a kilometer, all in the northern area of the Economic Development Zone, and the progress on the vehicle verification of our cooperation on LPDDR5X is going quite smoothly.”

It is worth noting that a company in Wuhan also participated in the strategic allocation of Changxin Technology, receiving 18,244,800 shares. Based on the issue price of 8.66 yuan/share, this company made a paper profit of 736 million yuan on the first day of listing.

This company is Wuhan Yiyuan Enterprise Management Co., Ltd., established in 2021, with its office located in Wuhan East Lake High-tech Zone. It is worth noting that Tianyancha shows that Wuhan Yiyuan Enterprise Management Co., Ltd. is a wholly-owned subsidiary of Xiaomi Technology. Xiaomi Technology's chairman is Lei Jun, who holds 97.48% of Xiaomi Technology's shares.

Public offering paper profit near 50 billionPrivate placement about 6.5 billion

According to Caixin News, based on the details of the offline allocation, 93 public fund companies under 5,419 allocation targets collectively received 1.234 billion shares, with a static paper profit of approximately 49.79 billion yuan. Among them, E Fund, Southern Fund, and Industrial Bank of China Credit Suisse each made paper profits of approximately 6.803 billion yuan, 5.598 billion yuan, and 4.712 billion yuan respectively.

113 private placements under 2,460 allocation targets received 161 million shares, with a paper profit of approximately 6.509 billion yuan. Among them, Jiukun made a paper profit of approximately 621 million yuan; Huansheng Quantum and Shanghai Yanfu both made approximately 619 million yuan; and Hainan Century Frontier approximately 605 million yuan. The above paper profits are calculated based on all allocated shares, of which 70% are subject to a six-month lock-up period.

Liang Wenfeng's new share profit of 827 million,Changxin Technology13 people's net worth exceeds 100 million

According to Guan Yixian,DeepSeek founder Liang Wenfeng involved in the new share subscription will profit 817 million yuan.

According to the preliminary allocation results announced by Changxin Technology on July 20, two private placements actually controlled by Liang Wenfeng (Ningbo Huansheng Quantum and Zhejiang Jiuzhang Assets) obtained a total of 194 products that received allocations, with a total of 20,249,700 shares allocated. Based on the issue price of 8.66 yuan/share, the total subscription amount is approximately 175 million yuan.

However, Liang Wenfeng participated in the offline allocation of Changxin Technology. According to current regulations, 70% of the allocated shares are required to be locked for six months, while the remaining 30% have no lock-up period.

In addition, Changxin Technology internally has 14 directors, senior management, core technical personnel, and their close relatives holding a total of indirect shares of the company amounting to 2.034 billion shares. Based on the closing price of 49 yuan/share, among them, 6 executives have net worth exceeding 1 billion as follows:

1、Zhu Yiming (Chairman),holding 1.599 billion shares, market value 78.351 billion yuan (it is worth mentioning thatGigadevice's information disclosed in May 2026 indicates that Zhu Yiming holds about 5.13% of the shares of the company. As of the closing on July 27, Gigadevice's total market value is approximately 304.6 billion yuan. Based on this calculation, the book value of the shares held by Zhu Yiming in Gigadevice is approximately 15.626 billion yuan. Adding the two,Zhu Yiming's identifiable book value of shares in Changxin Technology and Gigadevice amounts to approximately 93.654 billion yuan.）

2、Cao Kanyu (Director, President, Core Technical Personnel),holding 211.88 million shares, market value 10.388 billion yuan

3、Zhu Wenju (Executive Vice President),holding 53.338 million shares, market value 2.614 billion yuan

4、Zhang Yu (Co-President),holding 50.598 million shares, market value 2.479 billion yuan

5、Huang Danyang (Senior Vice President, Financial Officer),holding 36.284 million shares, market value 1.778 billion yuan

6、Li Hongwen (Senior Vice President, Core Technical Personnel),holding 27.87 million shares, market value 1.366 billion yuan

7、Yuan Yuan (Vice President, Secretary of the Board),holding market value 993 million yuan

8、Zhao Luan (General Manager),holding market value 607 million yuan

9、Feng Pengxi (Senior Vice President, Strategic Investment Responsible Person),holding market value 266 million yuan

10、Xie Shumin (Director), holding market value 187 million yuan.

In addition, there are alsoTANTECKHONG (Chen Dehong), Tang Yanzhe, Wang Danthree core technical personnel whose stock holding value exceeds 100 million yuan.

With the company's listing, Changxin Technology's wealth distribution for employees has also become a hot topic in the market. Changxin Technology designed a dual wealth creation channel for employees. Among them, the strategic allocation asset management plan, a total of 377 senior management and core employees participated in the strategic allocation through four special asset management plans, with a total allocation amount of approximately 1.593 billion yuan. Based on this strategic allocation data, employees who are allocated amounts of 2 million yuan and above have book assets exceeding 10 million yuan,market estimates at least 237 millionaires have emerged.

In addition, the company has implemented two phases of employee stock ownership plans. According to the prospectus, prior to the listing, Changxin Technology has implemented two phases of employee stock ownership plans, covering a total of 6,760 person-times, targeting management talents, business backbones, and core technical personnel who possess a sense of mission, responsibility, and recognition for the company's medium- and long-term strategic development. Changxin Technology's employee stock ownership plan is conducted in two phases over four years.Based on Changxin Technology's total market value at today's closing price,Zhu Yiming will allocate this portion of shares to employees worth over 37.6 billion yuan.By the end of 2025, the total number of employees in the company will be 19,298, and if allocated evenly, each person would receive approximately 1.95 million yuan.

Country Garden sells off, “loses 49 billion”

This IPO feast also has those who are saddened——during the changes in the shareholders of Changxin Technology,the former real estate leaderCountry Garden Holdings Company Limited withdrew at the end of 2024. Public information shows that Country Garden Venture Capital Technology entered early in the B round financing of Changxin Technology in 2021.

However, in 2023, it transferred its shareholding to its subsidiary Huibi No.5 Fund.In December 2024, a related entity of Country Garden Venture CapitalHuibi No. 5, transferred its 1.56% stake in Changxin Technology for 2 billion yuan at a price of 2.22 yuan/share. Based on the total market value of Changxin Technology at its listing of 3.28 trillion yuan,the current corresponding value of this 1.56% stake is 51.168 billion yuan, compared to the original transfer price of 2 billion yuan,Huibi No. 5 missed a paper profit of approximately 49.168 billion yuan.

According to Blue Whale News,a person close to Country Garden revealed to reporters thatCountry Garden initially invested 2 billion yuan in Changxin Technology, but later, due to its liquidity pressure, was forced to return shares at the original price of 2 billion yuan before 2021 to meet public debt payments and ensure the delivery of buildings.Country Garden had established an investment venture capital sector early on, but after facing liquidity crises, the entire venture capital team was forced to dissolve in 2021.

Public information shows that Country Garden Venture Capital was established in 2019, with early investment directions covering technology, consumption, the industry chain, and health, spanning early-stage VC and mid-to-late stage PE phases.They had cumulatively invested in over 90 enterprises, including 10 IPOs and 26 unicorns.

Specific companies they have invested in include Dami Technology, Shenghe Jingwei, Hongjing Intelligent Driving, Hive Energy, Biron Technology, Kuaishou Technology, BYD Semiconductor, and others.

The aforementioned informed source commented thatCountry Garden's venture capital team at the time had excellent investment vision, with over 90% of implemented projects achieving profitability, with no large loss projects, and even the worst targets could return the principal.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。