Changxin Technology’s biggest listing surprise: the founder personally invests 20 billion yuan, creating wealth for the entire staff at over one million per capita

Changxin Technology is set to list on the STAR Market. Compared with a fund-raising scale of nearly 29.5 billion yuan, what really explodes the market is the founder Zhu Yiming’s top-tier strategic vision: he gives away shares with a personal value of more than 20 billion yuan to nearly 20,000 employees for free. The per-capita shareholding value exceeds one million, directly batch-creating more than 10,000 chip “millionaires.”
Behind this fortune is a hard-core story of China’s domestic memory chips achieving an extreme nine-year comeback. For a long time, the global DRAM market has been absolutely dominated by three giants—Samsung, SK hynix, and Micron—through patent lockouts and price wars, leaving domestic players with virtually no say.
Changxin Technology took a differentiated path to break out: it acquired core patents and R&D teams from Germany’s bankrupt company Qimonda, securing a compliant technology foundation. By avoiding head-on involution, it has continued to independently iterate and upgrade.
At the same time, Hefei’s state-owned capital took a decisive, make-or-break approach—rolling out a 72 billion yuan special support fund, with no performance betting, to fully back China’s domestic memory push to breakthrough. For a full nine years, Changxin continued investing and posted losses year after year, burning a cumulative 36.65 billion yuan. It also gritted its teeth and skipped old process nodes, directly tackling DDR5 and LPDDR5 high-end memory technologies.
After surviving the toughest cycle, in 2025, backed by the AI compute-power boom, Changxin successfully turned loss into profit, achieving an exceptional profitability capacity of nearly 400 million yuan earned per day.
From consecutive massive losses to an industry “money-printing machine,” Changxin has used real money in tuition to completely tear through the overseas memory giants’ technological iron curtain, ending the history of domestic no independent mass production of DRAM chips.
This is not only a company’s comeback, but also the best snapshot of China’s domestic semiconductor hard-core breakout.
Only an industrial recap; not investment advice