长鑫科技于7月27日在科创板上市，首日收盘价49元/股，市值直接冲上3万亿元，成为A股市值最高的上市公司[1]。这家国内第一、全球第四的DRAM芯片厂商经过十年发展和九轮融资，累计融资数百亿元，IPO前已有60名股东参与[1]。
在长鑫科技的上市道路上，多方资本力量形成了有力支撑。作为最大股东，合肥国资合计持有约221.38亿股，持股比例33.1%，上市首日持股市值超1万亿元，达10847.6亿元[1]。这一投资收益约相当于合肥市2025年全年GDP（14210亿元）的70%[1]。创始人朱一明合计持有15.9亿股，个人持股市值达779亿元[1]；他承诺在上市后满三年的十个自然年内，将手中持有的7.68亿股用于员工激励[1]。
阿里系通过多轮融资与战略配售合计持有超30亿股，持股比例约4.51%，上市首日持股市值接近1500亿元[1]。国寿投资2020年参与A轮融资时，投后估值仅300多亿元，如今收益表现已超50倍[1]。IPO阶段，长鑫科技获得30家战略投资者支持，国家队合计认购76亿元，占战略配售总额五成以上[1]。此外，公司实施了两期员工持股计划，共授予6760人次股份[1]。
Chanxin Technology made its debut on Shanghai's STAR Board on July 27, becoming China's highest-valued listed company with a market capitalization of 3 trillion yuan [1]. The closing price on the first trading day reached 49 yuan per share [1]. This milestone culminates a decade-long development journey during which the company has established itself as the leading domestic and fourth-largest global DRAM chipmaker [1].
The company's rise has been supported by a diverse coalition of backers. Hefei State-owned Assets, the largest shareholder, holds approximately 221.38 billion shares representing a 33.1% stake, with a market value exceeding 1.084 trillion yuan [1]. This stake value alone amounts to roughly 70% of Hefei's entire annual GDP of approximately 14.21 trillion yuan [1]. Zhu Yiming, a co-founder and key investor, holds 1.59 billion shares valued at approximately 779 billion yuan and has pledged to allocate 768 million shares for employee incentive schemes over ten natural years following the three-year lock-up period [1]. The Alibaba ecosystem accumulated over 30 billion shares through multiple financing rounds and strategic allocation, representing a 4.51% stake worth approximately 1.5 trillion yuan on the listing day [1].
Chanxin completed nine rounds of financing totaling hundreds of billions of yuan prior to going public, attracting 60 shareholders [1]. During the IPO phase, the company secured backing from 30 strategic investors, with state-owned entities collectively subscribing for 7.6 billion yuan, accounting for more than half of the total strategic allocation [1]. Insurance capital participants, including China Life Investment, which entered during the Series A round at a post-investment valuation of only 30 billion yuan, saw returns exceeding 50 times their initial investment [1]. The company has also implemented two employee stock ownership plans, granting shares to 6,760 employees [1].
