ChangXin Technology STAR Market IPO: estimated market value reaches 295 billion yuan, with a 78% restricted-share ratio on the first day

According to Beating monitoring, chip giant ChangXin Technology has obtained approval from the China Securities Regulatory Commission to register and has officially kicked off its issuance process. This fund-raising plan targets 295 billion yuan, making it the largest semiconductor A-share listing case in recent years. If calculated based on the fund-raising amount and the number of shares to be issued, its estimated offering price is about 4.41 yuan per share. After the issuance, the total market value (estimated listed market value) will be close to 2,950 billion yuan. In the first half of this year, the company expects to achieve revenue of 110 billion yuan to 120 billion yuan, net profit of 66 billion yuan to 75 billion yuan, and strong performance with a turnaround from losses.

Based on estimates from the initial issuance arrangement, the proportion of newly issued shares that will be tradable on the first day of listing is relatively low. For this offering, the initial strategic placement ratio will reach the maximum 50.00%. For the offline placement, the “3+7” rule will be applied, under which 70% of the offline shares allocated to qualified participants must be locked up for 6 months. Estimates show that about 78.00% of the total number of new shares issued will be subject to lock-up on the first trading day, and shares available for trading on the first day will account for only 22.00%, corresponding to an estimated free-float market value of about 65 billion yuan.

Investors participating in the subscription should pay attention to qualification and market value thresholds. Online ordinary investors’ subscription (code 787825) requires enabling trading access for the STAR Market and holding an average daily market value in Shanghai-listed stocks of more than 10,000 yuan by July 14. For institutions participating in the offline price inquiry, the requirements are extremely strict: they must have a Shanghai market value of 60 million yuan and must also have an average daily STAR Market holding balance of at least 6 million yuan. Regarding lock-up arrangements, some major pre-IPO shareholders holding more than 51% of shares have committed to a 36-month lock-up. The first-largest shareholder, Qinghui Jidian, also commits that if, starting from the year of listing, the net profit attributable to the parent after deducting non-recurring items declines by more than 50% compared with the previous year, the lock-up period will automatically be extended by 12 months. Among the lead underwriters, China International Capital Corporation (CICC) has a 15% over-allotment option. If, within 30 natural days after listing, the stock price falls below the offering price, it is entitled to buy shares in the secondary market to stabilize the price.