The Zhitong Finance App learned that on July 19, Changxin Technology's online winning results were announced, and 7.7022 million winning numbers were released. Each winning number can subscribe for 500 shares, and a payment of 4,330 yuan is required for the first signing.
Changxin Technology issued about 6.688 billion shares at an issue price of 8.66 yuan/share, corresponding to the listing valuation of about 579.2 billion yuan. The capital raised was about 57.9 billion yuan, surpassing SMIC's 53.2 billion yuan in 2020, making it the largest IPO in the history of the Science and Technology Innovation Board.
The official listing date of Changxin Technology (stock code: 688825.SH) is July 27, 2026.
According to information disclosed in Changxin Technology's prospectus, Zhejiang Alibaba Cloud Computing Co., Ltd. holds 3.85% of the shares, is the company's sixth largest shareholder and the most invested industrial investor in the last round of financing before the IPO; Alibaba (China) Network Technology Co., Ltd. holds 1.12% of the shares.
The Ali family holds more shares than Zhu Yiming, founder and chairman of Changxin Technology, about 2.65% of the shares held indirectly through multiple entities.
According to public information, Alibaba holds a total of 4.97% of Changxin Technology's shares through the two entities, and has invested a total of about 7.6 billion yuan. If calculated according to the issuance valuation, the book value of this share is already close to 130 billion dollars, and the return on investment of about 17 times is astonishing.
It is worth noting that the final issue price of Changxin Technology was set at 8.66 yuan/share. Combined with estimates of the company's total share capital after listing, Changxin Technology's listing valuation was 579.188 billion yuan, lower than the market's previous forecast of 1 trillion yuan, and far lower than the market's extreme forecast of 3-5 trillion yuan.
According to Everbright Securities, the insurance capital held 4.1% of Changxin Technology's shares before issuance. Among them, the main participants of the listed insurers were People Insurance and Sunshine, and there were differences in the impact on the statements under different measurement models.
Hong Kong stocks related to Changxin's concept:
Alibaba-W (09988): According to information disclosed in Changxin Technology's prospectus, Zhejiang Alibaba Cloud Computing Co., Ltd. holds 3.85% of the shares, is the company's sixth largest shareholder and the most invested industrial investor in the last round of financing before the IPO; Alibaba (China) Network Technology Co., Ltd. holds 1.12% of the shares.
CICC (03908): Domestic and overseas equity investment banks are picking up, and the company's Hong Kong stock IPO ranks first in all dimensions. The company achieved investment banking revenue of 5.03 billion yuan in 2025, +62.6% year-on-year. CICC obtained an exclusive overallocation option in this IPO. According to the issuance announcement, the co-lead underwriter has over-allotted approximately 1,003 billion shares to online investors at an issue price of 8.66 yuan/share, accounting for 15.00% of the number of shares initially issued. If this right is fully exercised, CICC would have to spend about 8.7 billion yuan, making it an important shareholder of Changxin Technology. As a co-sponsor, CICC participated in strategic placement and follow-up investment through its wholly-owned subsidiary (CICC Wealth). The initial follow-up ratio is 2.00% of the current public offering (excluding over-allotment options), and the corresponding number of follow-up shares is 134 million shares. There is a 24-month sales limit for this portion of shares. Before the IPO was issued, CICC and related parties already held shares in Changxin Technology. Through direct shareholding in “CICC Win-Win”, where the wholly-owned subsidiary CICC Capital is the executive partner, and indirect shareholding through other funds, the total shareholding ratio of CICC and related parties is 0.32%.
CITIC Construction Investment Securities (06066): Like CICC, CITIC Construction Investment, as one of the two major co-sponsors and lead underwriters, shared the sponsorship and underwriting fees for Changxin Technology's IPO with the remaining 4 co-lead underwriters. Based on the amount raised of 29.5 billion yuan, the comprehensive sponsorship and underwriting rate for this IPO was about 0.62%, and the total sponsorship and underwriting fee was about 184 million yuan; CITIC Construction Investment participated in strategic placement and follow-up investment through its wholly-owned subsidiary (CITIC Construction Investment). The initial follow-up ratio was also 2.00% of the current public offering (excluding over-allotment options), and the corresponding number of follow-up shares was approximately 134 million shares. In the end, 115 million shares were actually allocated, corresponding to the allotted amount of about 1 billion yuan. There is a 24-month sales limit for these shares. Before the IPO was issued, CITIC Construction Investment had already laid out the layout ahead of schedule. It relies on CITIC Construction Investment, a wholly-owned subsidiary, to participate in Changxin Storage through fund entities such as Xinxin Lirun. Based on a layer-by-layer calculation, the total share ratio of Changxin Technology's shares held by CITIC Construction Investment was 0.15% (diluted to about 0.13% after issuance).