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Changxin Technology has set its issue price at 8.66 yuan per share.
It will raise 580 billion yuan, corresponding to a market cap of 5,791 billion yuan.
If it rises 5 times from market expectations, its market cap will reach 2.9 trillion yuan, surpassing Industrial and Commercial Bank of China to become the No. 1 by market cap among A-shares.
Revenue in 2026 is expected to be 110–120 billion yuan, with net profit of 66–75 billion yuan; the issue-market-cap PE is about 8–9x.
To compare: peers in the same industry—Will Semiconductor, with a PE of 80x; Will Semiconductor, with a PE of 60x; and North Huachuang, with a PE of 120x.
With the semiconductor sector + the only DRAM-related target + accelerating domestic substitution, the 8x PE valuation really gives the market plenty of room for imagination.
Subscription starts on July 16, with listing on July 27.