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Zhangxin Technology opened 471% higher to 49.5 yuan, with a market cap of 3.3 trillion yuan
Changxin Technology’s IPO offering price this time was 8.66 yuan per share, raising about 33k yuan (before full exercise of the over-allotment option), making it the largest IPO on the STAR Market to date by issuance size. Among its investors, one lot gained about 20k yuan.
Nomura Securities initiated coverage of Changxin Technology, giving a target price of 116 yuan, based on forecast earnings per share (EPS) of 5.8 yuan in 2028, and assigning a target price-to-earnings multiple (P/E) of 20x. The valuation is twice Micron’s, mainly considering the growth in Changxin’s market share in storage and the valuation premium in the China market. This implies that Changxin Technology’s share price rose about 13.4 times from the IPO price, corresponding to a market value of about 7.76 trillion yuan.