Changxin Technology mass-produced millionaires: 12 core members are worth over 100 million each; Liang Wenfeng’s new share placement is up by 827 million; Country Garden sold high and missed out on nearly 50 billion.

Author: 每日经济财经

On July 27, China’s domestic storage heavyweight ChangXin Technology (688825.SH) went public, becoming a landmark event in the structural changes in China’s A-share market in recent years. It set multiple A-share records: not only the largest IPO in the STAR Market, but also the first A-share stock whose opening market capitalization exceeded 3 trillion yuan, successfully surpassing Industrial and Commercial Bank of China to top the A-share market capitalization ranking. Its single-day trading value exceeded 30k yuan for a newly listed stock.

As of the market close on the 27th, the company’s share price was 49 yuan/share. The stock surged 465.82% for the whole day, with a total market capitalization of 3.28 trillion yuan. Based on today’s closing price, the new-share subscription profit is substantial: a single lot can net a profit of 200,000 yuan. In addition to founder Zhu Yiming’s personal wealth nearing 100 billion yuan thanks to his equity holdings in ChangXin Technology and Zheji International (603986.SH), the company also has 12 directors, executives, and core technical personnel whose shareholdings have a market value exceeding 32.8k yuan.

In addition, the company’s two employee shareholding plans cover 6,760 employee participations. Zhu Yiming voluntarily transferred 768 million shares for future employee incentives, corresponding to a market value of more than 37.6 billion yuan. This is expected to set a record for the largest personal equity incentive in A-share history, and the related shares are subject to a three-year lock-up period.

NIO shows paper gains of over 700 million yuan; Li Bin appears at a thank-you dinner; a company under Lei Jun’s banner shows paper gains of 736 million yuan

According to a report by Jiemian News, in recent days, NIO appeared on ChangXin Technology’s IPO strategic allocation list, committing to subscribe for 158 million yuan, with an 18-month lock-up period. Based on the issue price of 8.66 yuan/share, NIO’s subscription is about 18.2448 million shares. Using the closing price of 49 yuan/share today, NIO’s paper gains on its balance sheet are about 740 million yuan, with a return rate of over 465%.

That day, a blogger posted photos showing that ChangXin Technology held an IPO thank-you dinner in Shanghai recently, with the theme “Forged for Ten Years, Start a New Future.” Li Bin, the founder of NIO, appeared at the event, holding a glass of red wine with a smile on his face.

Image source: Jiemian News

The disclosed information shows that NIO is a cornerstone strategic cooperation partner for ChangXin Technology’s DRAM business. The two sides will carry out strategic cooperation on existing automotive-grade LPDDR4X and LPDDR5X products.

In response to the news that “NIO became a strategic investor of ChangXin Technology,” NIO Chairman Li Bin told the media: “At present, cooperation is progressing smoothly. Cooperation with ChangXin Technology helps stabilize the stability of NIO’s supply chain.”

Li Bin has mentioned cooperation with ChangXin multiple times this year.

After the ceremony for the rollout of NIO’s first one million vehicles in January, he said that memory price increases are the biggest cost pressure this year. However, he added that “memory price increases are beneficial for Hefei, because ChangXin Storage is very close to here—one of China’s hottest tech companies.”

He also mentioned after the new L60 launch event for Lexiong L6 in June: “The factory of ChangXin Storage is very close to us—just a few hundred meters, maybe about one kilometer. It’s in the north district of the Economic and Technological Development Zone. Our progress in validating the LPDDR5X we are cooperating on for vehicles has been quite smooth.”

It is worth noting that a company in Wuhan also participated in ChangXin Technology’s strategic allocation, with an allocated share count of 18.2448 million shares. Based on the issue price of 8.66 yuan/share, its paper gain on the first trading day after listing was 736 million yuan.

The company is Wuhan Yi Ba Yi Ling Enterprise Management Co., Ltd., established in 2021, with its office address in the East Lake High-Tech Zone of Wuhan. Notably, Tianyancha shows that Wuhan Yi Ba Yi Ling Enterprise Management Co., Ltd. is a wholly-owned subsidiary of Xiaomi Technology. The chairman of Xiaomi Technology is Lei Jun, who holds 97.48% of Xiaomi Technology’s shares.

Public funds show paper gains of nearly 50 billion yuan; private funds about 6.5 billion yuan

According to a report by 财联社, based on statistics from the details of offline allocation, 5,419 allocation targets under 93 public funds in total received 20k shares, with static paper gains of about 1.23B yuan. Among them, E Fund, Southern Fund, and Industrial and Commercial Bank of China Credit Suisse Funds respectively show paper gains of about 6.8B yuan, 5.6B yuan, and 4.71B yuan.

Among 2,460 allocation targets under 113 private funds, they received 161 million shares in total, with paper gains of about 6.51B yuan. Among them, Jiukun shows paper gains of about 621 million yuan; Huanfang Quant and Shanghai Yanfu both are about 619 million yuan; Hainan Century Frontier is about 605 million yuan. The above paper gains are calculated assuming all allocated shares. With 70% subject to a six-month lock-up.

Liang Wenfeng’s new issue subscription shows paper gains of 827 million yuan; ChangXin Technology’s 13 people have personal wealth over 2.03B yuan

According to Guanyixian, Liang Wenfeng, the founder of DeepSeek who participated in the subscription, is expected to profit 817 million yuan.

According to ChangXin Technology’s July 20 disclosed announcement of the preliminary results of offline allocation, two private funds controlled by Liang Wenfeng (Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset) together had 194 products receive allocations, totaling 20.2497 million shares. With the issue price of 8.66 yuan/share, the total subscription amount is about 175 million yuan.

However, Liang Wenfeng participated in ChangXin Technology’s offline allocation. Under current rules, 70% of the allocated shares need to be locked up for 6 months, while the remaining 30% have no lock-up period.

In addition, within ChangXin Technology, 14 directors, senior management personnel, core technical personnel, and their close relatives jointly indirectly hold 1.6B shares of the company. Based on the closing price of 49 yuan/share, among them, 6 executives have personal wealth exceeding 1 billion yuan each. They are:

1. Zhu Yiming (Chairman), holds 78.35B shares, with a market value of 15.63B yuan. (Worth noting: information disclosed by Zheji International in May 2026 shows that Zhu Yiming holds about 5.13% of that company’s shares. As of the close on July 27, Zheji International’s total market capitalization is about 304.6 billion yuan. Based on this, the book value of Zhu Yiming’s holdings in Zheji International is about 10.39B yuan. Adding the two together, the identifiable book value of Zhu Yiming’s equity holdings in ChangXin Technology and Zheji International totals about 53.34M yuan.)

2. Cao Kanyu (Director, President, core technical personnel), holds 212 million shares, with a market value of 2.61B yuan

3. Zhu Wenju (Executive Vice President), holds 53.338 million shares, with a market value of 50.6M yuan

4. Zhang Yu (Co-President), holds 50.598 million shares, with a market value of 2.48B yuan

5. Huang Danyang (Senior Vice President, CFO), holds 36.28M shares, with a market value of 1.78B yuan

6. Li Hongwen (Senior Vice President, core technical personnel), holds 27.87 million shares, with a market value of 1.37B yuan

7. Yuan Yuan (Vice President, Secretary to the Board), holds a market value of 993 million yuan

8. Zhao Lun (General Manager), holds a market value of 607 million yuan

9. Feng Pengxi (Senior Vice President, Head of Strategic Investment), holds a market value of 266 million yuan

10. Xie Shumin (Director), holds a market value of 187 million yuan.

In addition, the market value of shareholdings held by three core technical personnel—TANTECKHONG (Chen Dehong), Tang Yanzhe, and Wang Dan—exceeds 1.59B yuan.

With the company’s listing, wealth distribution for employees has also become a hot topic in the market. ChangXin Technology designed a dual “wealth-building” channel for employees. Among them, the strategic allocation asset management plan: a total of 377 senior managers and core employees participate in the strategic allocation through 4 special asset management plans, with a total allocated amount of about 32.8k yuan. Based on the allocation data from this strategic allocation, for employees with allocated amounts of 2 million yuan and above, their book assets exceeding 49.17B yuan break the 10-million threshold. Market estimates suggest at least 237 millionaires were created.

In addition, the company implemented two employee shareholding plans. The prospectus shows that ChangXin Technology had already implemented two employee shareholding plans before listing, with a total of 6,760 grant participations, covering management talents, business backbones, and core technical personnel with a mission, responsibility, and recognition of the company’s mid- and long-term development strategy. ChangXin Technology’s employee shareholding plans are divided into two phases and span four years. Based on the company’s total market capitalization at today’s closing, the portion of shares Zhu Yiming will distribute to employees is worth more than 37.6 billion yuan. As of the end of 2025, the company’s total number of employees is 19,298. If distributed evenly, each person could receive about 1.95 million yuan.

Country Garden’s deal goes bust, “missing out on 49 billion yuan”

This IPO feast also has those who feel gloomy and sorrowful—during ChangXin Technology’s shareholder changes, the former real-estate giant Country Garden Holdings Co., Ltd. exited at the end of 2024. Public information shows that Country Garden Venture Capital Technology had already entered as early as 2021, when ChangXin Technology raised funds in its Series B round.

However, in 2023, it transferred its stake to one of its funds, Huibi No. 5. In December 2024, Huibi No. 5, an affiliated entity of Country Garden Venture Capital, transferred its 1.56% stake in ChangXin Technology to Hefei Jianchang for a price of 2 billion yuan, at 2.22 yuan/share. Based on ChangXin Technology’s total market capitalization of 3.28 trillion yuan at its IPO closing, the current value corresponding to this 1.56% stake is 51.168 billion yuan. Compared with the original transfer consideration of 2 billion yuan, Huibi No. 5 missed out on paper gains of about 49.168 billion yuan.

According to Blue Whale News, a person close to Country Garden told the reporter that Country Garden invested 2 billion yuan in the project early on. Later, due to the company’s own liquidity pressure, in order to repay public debts and ensure the delivery of housing projects, before 2021 it returned the shares at the original price of 2 billion yuan. Country Garden’s venture capital segment was set up early, but after the company encountered a liquidity crisis, the entire venture capital team was forced to be dissolved in 2021.

Public information shows that Country Garden Venture Capital was established in 2019. Its early investment directions included technology, consumer goods, industrial chains, health, and other fields, covering early VC and mid-to-late stage PE phases. It had cumulatively invested in more than 90 companies, including 10 IPOs, 26 unicorns, and others.

Companies it invested in include Pursuit Technology, Shenghe Jingwei, Hongjing Zhijia, Hive Energy, Beiyun Technology, Kuaishou Technology, and BYD Semiconductor, among others.

The above insider commented that the venture capital team’s investment judgment back then was excellent. For projects implemented, more than 90% achieved profitability, with no large-loss projects. Even the worst-performing target could still exit without losing money.