Changxin Technology goes public—Hefei’s state-owned assets are making a fortune

In theory, it’s only around 10 trillion in value or so 🤣
For Hefei, a third-tier city, its per-capita GDP this year is also set to exceed $20k.
From the issue price of 8.66 yuan, to an opening market cap of about $20k,
and then to the first hour after listing with trading volume surpassing 100 billion yuan—
this not only breaks records in the capital markets, but also lets the world re-understand the strength of China’s storage industry.

The biggest winners aren’t just the investors who got shares in the subscription.
It’s also the Hefei government, which has stuck with the investment for a decade.
From placing a bet on Changxin in 2016,
to today—estimated based on the opening market cap: the value of Hefei’s state-owned asset system’s holdings is about 1.3 trillion yuan.
Compared with the early investment, it has achieved astonishing paper gains. This once again proves:
what truly changes a city’s fate isn’t real estate, but the tech industry.

More importantly, Changxin Technology’s IPO is not just the birth of a single giant.
It means China already has its own DRAM industry chain—from design and manufacturing to mass production.
From DDR4 and DDR5 to high-end storage for the AI era, China is filling in the final key pieces of the semiconductor puzzle.
In the past, China imported chips; today, China is starting to export confidence.

In the future global AI race, what’s competing isn’t only big models, but also GPUs, HBM, DRAM, advanced manufacturing, and a complete industrial chain.
Changxin Technology’s listing today may be just one IPO;
but put in the long arc of history, it may very well be a new starting point for the rise of China’s storage industry.

Hefei is destined to be different now,
so you should speak more politely to them going forward.