国产DRAM龙头企业长鑫科技7月27日登陆上交所科创板[1][6]。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%[1][6]。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[1][6]。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[2][3]，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[3][4]。
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 [1][5][6]. The company's market capitalization exceeded 3.28 trillion yuan, making it the most valuable listed company on China's A-share market [1][5][6]. Trading volume hit approximately 1.4 trillion yuan in daily turnover, marking the highest single-day transaction volume for any A-share stock [2][3].
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].
