国产DRAM龙头企业长鑫科技7月27日登陆上交所科创板16。公司发行价为8.66元/股，开盘报49.5元，首日收盘价49元，涨幅465.82%16。长鑫科技由此成为A股市值第一的上市公司，总市值突破3.28万亿元16。此外，长鑫创造了A股多项历史纪录：全天成交额超1400亿元，为单只个股单日成交额历史之最23，中签率0.4714%，打新参与户数达942.88万户，均为科创板新高2。
长鑫本次IPO募集资金规模约579亿元人民币3。长鑫成立于2016年，是中国最大的DRAM芯片制造商，目前已成为全球第四大DRAM供应商34。
长鑫的上市为多家战略投资者带来巨额收益。阿里巴巴累计投入约76亿元持有近5%的股份，浮盈超1600亿元，投资回报倍数超过20倍1。小米科技全资子公司武汉壹捌壹零通过战略配售获得1824.48万股，上市首日浮盈达7.36亿元5。此外，包括中国工商银行、中国农业银行、中国银行、中国建设银行、交通银行、招商银行等8家银行战略股东的账面金额约70亿元，首日浮盈约1242亿元1。对此，小米董事长特别助理徐洁云表示，这是公司层面的投资行为，"具体子公司实体跟个人财富没法混成一谈"5。长鑫内部员工因早期低价持股也大幅获利，公司第二期员工持股覆盖6760人次，诞生200多位千万富翁2。
长鑫上市引发了全球存储芯片股的调整3。美股存储芯片龙头企业闪迪、SK海力士等股价大幅下跌，市场担忧长鑫科技融资后将加快扩产，可能改变全球DRAM供给格局3。
Changxin Technology, China's largest DRAM chipmaker, debuted on the Shanghai Stock Exchange's Science and Technology Innovation Board on July 27, with its stock soaring 465.82% on its first trading day 156. The company's market capitalization exceeded 3.28 trillion yuan, making it the most valuable listed company on China's A-share market 156. Trading volume hit approximately 1.4 trillion yuan in daily turnover, marking the highest single-day transaction volume for any A-share stock 23.
The IPO was priced at 8.66 yuan per share and opened at 49.5 yuan, with an intraday high of 55.03 yuan 6. The company raised approximately 579 billion yuan in the offering 3. Changxin was founded in 2016 and is based in Hefei, Anhui province 6. The company's market share rose to 8% in the first quarter of this year, positioning it as the world's fourth-largest DRAM supplier 4.
Major institutional investors saw substantial unrealized gains from the debut. Alibaba, which has cumulatively invested approximately 7.6 billion yuan to hold nearly 5% of the company's shares, saw its stake generate over 1.6 trillion yuan in unrealized gains 1. The Hefei municipal government, which holds over 35% of Changxin, realized estimated investment returns of approximately 90 times its initial investment 4. Eight strategic banking shareholders, which had invested about 7 billion yuan before the IPO, gained approximately 124.2 billion yuan in unrealized profits on the first day 1.
Xiaomi, through its wholly-owned subsidiary Wuhan 181010 Enterprise Management, participated in the strategic allocation and received 182.448 million shares 5. The subsidiary saw unrealized gains of 7.36 billion yuan on the first trading day 5. When asked about the gains, Xiaomi's chairman's special assistant Xu Jieyun responded, "Friends, just have a laugh and don't take it seriously. This is a company investment behavior; we cannot conflate a subsidiary entity with personal wealth." 5
In contrast, Country Garden, which invested 2 billion yuan in 2021 to acquire a 1.56% stake in Changxin, liquidated its position at 2.22 yuan per share in late 2024, recovering only its initial 2 billion yuan investment 2.
The debut triggered significant movements in global semiconductor markets. Micron Technology shares fell 47% from their June 22 peak, shedding approximately 170 billion dollars in market value over a month 3. SK Hynix closed below its July 10 IPO pricing for the first time, down 4% from its offer price 3. Some observers cautioned that Changxin's technology lags overseas peers by approximately two generations, or at least three years 2. According to SemiAnalysis, Changxin's HBM production line achieves a 25% yield rate compared to 70–90% for overseas competitors 2.
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