#长鑫开盘跌7.7% Plunges 7.7% straight at the open! Changxin Tech stages extreme divergence—this trillion-market-cap new stock delivers a lesson to everyone

The dust settles in the opening call auction. Changxin Tech, the much-awaited new listing, opens down directly by 7.71%. The cold numbers sit on the screen, and countless retail investors suddenly experience the brutal reality of new-stock games overnight. Just the trading day before, this homegrown DRAM leader had completed an epic debut—surging more than 460% in a single day, with trading value exceeding 140 billion yuan, topping the A-share market value leaderboard. For a time, the internet was boiling, and many shouted that the storage bull market had officially begun. Who would have thought the celebration would last only one day— and the plunge at the open would arrive as expected, with massive divergence fully exposed to the market.
Looking back at the frenzy of its first day of listing, it remains vivid. The offer price was only 8.66 yuan. At the open, it rocketed higher by a large margin. During the session, it hit a high of 55.03 yuan. The single-day maximum intraday fluctuation was astonishing. The full-day turnover rate reached as high as 66.4%, with huge volumes of shares completing a rapid exchange. The costs for investors who won the lottery were extremely low, leaving them with substantial unrealized gains on paper. Funds bullish on China’s storage sector rushed in, attracted by the scarcity of the company as the only large-scale DRAM mass-production manufacturer in China, plus the AI computing demand boosting the storage-chip price cycle—so the market was willing to give a very high emotional premium.
At that time, bullish voices filled stock forums and major finance platforms. Many investors who hadn’t secured allocations had already planned to enter the game at the right moment to bet on the outlook.
Amid the frenzy, few people thought calmly about potential risks. On the STAR Market, the first five trading days have no daily price limit. With no upside/downside buffer, if selling pressure concentrates and releases, volatility will far exceed that of ordinary stocks. Behind the huge trading value on day one is the fast transfer of chips from retail lottery winners to short-term traders. A large portion of the allocated funds holds gains several times over, with no deep bag-holding worries. As soon as the market shows even a hint of change, the first choice is to take profits and cash out. Today’s 7.7% drop at the open is essentially the direct result of profit-taking兑现 concentrated.
The sentiment shock from overseas markets further amplified the pressure to adjust. Overnight, the global storage-chip sector weakened across the board. Micron, SK hynix, and Western Digital all pulled back. Global capital began to reassess the sustainability of this storage price-hike cycle. In the short term, funds became cautious and were no longer willing to pay for elevated valuations. As a barometer for sentiment in this storage sector, Changxin Tech naturally took the brunt of the impact caused by the retreat of emotion first. At the same time, A-shares overall sit in a game environment driven by existing capital. New stocks with trillion-yuan market values keep consuming liquidity in the market. Many funds choose to wait on the sidelines, with insufficient incremental capital to absorb the sell pressure above.
The plunge at the open also triggered a chain reaction across the entire storage industry chain. Memory-related stocks such as Silead, BOWAY Storage, and Beijing Junzheng all faced synchronous pressure, and sector differentiation intensified.
The market is playing out a typical “seesaw effect.” Earlier, many funds were selling established storage names and piling into Changxin Tech, which had just listed. Now that sentiment for Changxin has cooled, short-term risk appetite across the whole sector declines in sync. Many investors lament that they thought Changxin’s listing would lift the entire industrial chain. Instead, it has triggered a violent reshuffling of funds within the sector.
Many retail investors are now stuck in a dilemma. Some of the investors who chased at the high on the first day are already at a paper loss at the open, enduring intense mental agony: cutting losses and exiting, fearing the stock could start a V-shaped rebound at any time and that they’d sell near the bottom; or choosing to hold on, but having to bear the psychological pressure of persistent choppy declines. Those holding cash and waiting are also undecided. Some believe that the short-term pullback is just a shakeout, that the long-term logic of domestic substitution won’t change, and that it’s a rare opportunity to buy on a dip. Others are wary that the sentiment bubble could burst—an extremely high valuation needs a long time to digest, and blindly bottom-fishing carries huge risk.
After this round of violent market swings, we must recognize a reality: emotional-driven high prices can never withstand scrutiny. Changxin Tech has solid industrial logic—domestic DRAM breakthroughs, AI driving growth in storage demand, and ongoing expansion of capacity—so the long-term growth story is clear. But a strong long-term fundamental picture does not mean the stock price will only rise and never fall in the short term. In the short run, the stock price is largely determined by fund sentiment. When everyone is in agreement and enthusiasm reaches its peak, it is often the turning point when divergence arrives.
The most dangerous trap in the market is treating a sector’s long-term logic as a guarantee for short-term buying. Many investors, seeing the bright prospects for domestic chips, ignore valuation levels and blindly chase at the peak of hype. Capital markets never lack high-quality sectors. But no matter how good the company is, an excessively high price is the biggest risk. For the first five days after a new stock listing, there is no price-limit game—making it the hardest battlefield for retail investors. A surge is extremely tempting, but a plunge often comes without warning. Once you misstep on the timing, the speed of account drawdown can be beyond imagination.
However, a single big sell-off at the open does not mean the story of domestic storage has ended. Short-term stock price fluctuations are a process of fund games and sentiment repair; they won’t change the broader direction of independent domestic chip development. The storage-chip cycle moving upward and the acceleration of domestic substitution remain the long-term main line. It’s just that market performance won’t be smooth—surges and pullbacks will alternate and become the norm. Next, whether Changxin Tech can hold up the trading action will also become an important sentiment signal for the semiconductor sector. If it continues to weaken through ongoing volatility, it will likely suppress risk appetite across the entire tech sector. If funds re-form into a force to complete the repair, it may have the potential to reignite market confidence in going long again. But ordinary investors must abandon a gambler’s mindset—don’t let single-day up or down moves determine your judgment, and don’t overweight bets on short-term market action.
This perilous July, the script of Changxin Tech celebrating wildly on one day and plunging the next, has delivered another vivid lesson to all shareholders. In the stock market, there is no uptrend that never stops. After the celebration, there is often a tide retreat. After a climax, differentiation is inevitable. Stay calm when making money, stay rational when the stock falls hard. Respect volatility, control position sizes, and don’t let yourself be swept up by the market’s狂热 sentiment. Only then can you survive the ups and downs of volatile markets for the long term. The winds and waves won’t cease; the market continues. Wishing that everyone can see the risks of short-term games clearly—don’t chase hot names blindly, rationally view the震荡 of trillion-yuan leaders, and patiently wait for opportunities that truly offer value for money.#夏日创作营