Can you believe it? 9.42 million households, on the same day, all doing the exact same thing.

Right today, July 17, the application results for Changxin Technology’s IPO are out. That little bit of luck in my heart has completely frozen over for me—37 allocation numbers, none of them won. But honestly, looking at that string of numbers, I still feel this round isn’t a loss.
You probably don’t know how outrageous this number is. Changxin Technology’s online effective subscription households this time: 9.4288 million. What does that mean? The previous record holder on the STAR Market had only 7.13 million households. That’s more than 30k additional households squeezed into the same day to fight for this slice of meat.
What about the winning rate? 0.4714%. Does it sound pretty high? After all, most new IPOs usually have winning rates around 0.02%. But once you do the math, on average you need to apply for 212 allocation numbers to get one share, corresponding to a Shanghai market value of $1.06 million. Most people are just one of the 9.42 million in the denominator.
So why are so many still rushing in? Because this is truly fat meat.
Institutions did the math: if the market cap after listing surges to $3 trillion, winning one lot can make $10k; if the market goes wild and it hits $5 trillion, winning one lot makes $50k. And what’s the cost of getting one lot? $433,000. With odds like this, who wouldn’t be tempted?
With that said, where can you find a deal with such high odds these days?
Back to Changxin Technology itself—it really deserves this turnout. A leading domestic DRAM company, and the only domestic enterprise that can mass-produce DRAM. The global DRAM market has long been dominated by Samsung, SK hynix, and Micron, together accounting for over 90%. Changxin Technology has managed to tear open a crack: based on Q4 2025 sales, its global share reached 7.67%, ranking fourth in the world. With that kind of fight, it deserves to be supported.
This company’s ability to make money is also shocking. For this year’s first half, it’s expected that revenue will be 110 billion to 120 billion, up over 600% year over year; net profit is expected to be 50 billion to 57 billion, up more than 2200%.
This IPO fundraising also set a record. With an issue price of 8.66 yuan, before the over-allotment option is exercised it can raise 57.9 billion; if fully exercised, it heads straight to 66.6 billion. It directly steps on the 53.2 billion record set by SMIC in mid-2020, becoming the largest IPO in STAR Market history.
This is probably the moment ordinary people are closest to a “historic occasion.”
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