Alibaba cumulatively holds nearly 5% of Changxin Technology, exceeding Chairman Zhu Yiming

With ChangXin Technology disclosing its IPO prospectus intent document for the STAR Market and the “Issuance Arrangements and Preliminary Inquiry Announcement,” Alibaba’s investment layout once again has drawn market attention.

According to the prospectus, Alibaba Group, through two entities in total, holds nearly 5% of ChangXin Technology’s shares, with a cumulative investment of about RMB 7.6 billion. Among them, Zhejiang Alibaba Cloud Computing Co., Ltd. (Alibaba Cloud Computing) holds 3.85%, making it the sixth-largest shareholder of ChangXin Technology and the largest industrial investor in the last round prior to the company’s IPO; Alibaba (China) Network Technology Co., Ltd. (Alibaba Network) holds a 1.12% stake in ChangXin Technology.

ChangXin Technology currently has no controlling shareholder or actual controller. The company’s founder and chairman is Zhu Yiming, founder and chairman of Montage Technology. Zhu Yiming indirectly holds 2.6456% of ChangXin Technology’s shares in total through the company’s first-largest shareholder Qinghui Jidiansuji, the employee shareholding platform Hefei Jixin Shisihao Enterprise Management Partnership (Limited Partnership), and Montage Technology. That is to say, Alibaba’s shareholding amount is far greater than Zhu Yiming’s.

ChangXin Technology’s IPO prospectus clearly discloses that Alibaba Cloud is one of its core customers.

According to the contents of the prospectus, ChangXin Technology has already carried out in-depth cooperation with industry core customers such as Alibaba Cloud. Its DRAM products are widely used in fields such as servers.

In this regard, Alibaba’s strategic investment in ChangXin Technology is not merely a financial investment; it also carries the implication of coordinated “compute-and-storage integration” across the upstream and downstream of the industry.

As a storage giant, ChangXin Technology plans to raise 29.5 billion yuan in this IPO. This is the second-largest IPO in the history of the STAR Market, second only to SMIC.

In recent years, Alibaba has been continuously strengthening its AI-related布局.

At the chip level, Alibaba has invested in companies such as Montage Technology, Verisilicon, Tsing, and Hangbo Semiconductor. At the same time, Alibaba has been continuously investing in the large model industry, backing three leading large-model companies—Zhipu, MiniMax, and Moonshot AI—one after another. In the video generation field, Alibaba has invested in Aishi Technology, Keling AI, Shenshu Technology, and VAST. In addition, behind embodied intelligence companies such as Xingdong Yuannian, Unitree Technology, Sudu Technology, Yuanli Jiqi, Ziwoi Robot, Sharpa, and others, there is also an Alibaba presence.

From storage chips to large models, and into the application layer, through diversified deployments, Alibaba not only provides support to investee companies, but also enriches its own investment ecosystem.

In recent years, Alibaba’s investment logic has changed. In 2025, Alibaba successively sold Yintai Business and GaoXin Retail, and also reduced its holdings in companies such as Guangxian Media. Meanwhile, on the investment side, Alibaba has adhered to the principle of “invest early, invest small, and invest in the frontier.” Its series of investments in AI reflects Alibaba’s forward-looking vision, which in turn has yielded substantial investment returns.

Alibaba has now formed a full-stack AI capability layout of “Tongyi Large Models + Alibaba Cloud Computing + Pingtouge Semiconductor,” giving it potential to rival global tech giants like Google at the level of underlying infrastructure.

Source: Shanghai Securities News

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