Economic Observer reporter Zhang Xiaohui

On July 19, 2026, one week before the first day of listing of Changxin Technology Group Co., Ltd. (688825. SH, hereinafter referred to as "Changxin Technology"), Shanghai stock investor Gu Youxun excitedly told Economic Observer reporters, "I won 1000 shares of Changxin Technology

Gu Youxun was born in 1950 and is an "old-fashioned" Shanghainese in his 70s. He is said to be old-fashioned because in the text he sends, the "thousand" in a thousand shares is capitalized as "thousand". As early as the early 1990s, he entered the stock market and has been trading for over 30 years, becoming a generation that grew up with the Chinese capital market.

On July 26th, Changxin Technology, which has attracted much attention from the capital market, was listed on the Shanghai Stock Exchange (hereinafter referred to as "SSE"). On the first day of listing, Changxin Technology's opening price was 49.50 yuan per share and closing price was 49 yuan per share, with a relative issue price of 8.66 yuan per share, an increase of 465.82%, and a total market value of 3.28 trillion yuan, becoming the listed company with the highest A-share market value.

Such an increase means that the 1000 shares signed by Gu Youxun have a floating profit of over 40000 yuan.

Gu Youxun said, "I went to the Shanghai Stock Exchange specifically to see Changxin Technology go public. The first floor of the Shanghai Stock Exchange is open to the public all day long, and exchanges around the world are the same. When I arrived at the Shanghai Stock Exchange at nine o'clock in the morning, I found many people scattered in the hall, taking photos with Changxin Technology's listing ceremony as the background. There were also friends from the Chinese and new stock exchanges greeting each other and discussing how to trade

He continued, "Around 9:30, a group of people excitedly took photos in front of the background wall of the listing ceremony. I was also infected and decided to hold (Changxin Technology) for a while longer

Changxin Technology executives stand on the red carpet, photographed by Gu Youxun

Gu Youxun said, "To develop the Chinese stock market, we need truly outstanding technology stocks. Technology stocks are the load-bearing beams, and Changxin Technology is currently the load-bearing beam. I hope more excellent high-tech companies can be listed on the Shanghai Stock Exchange to jointly develop and prosper China's capital market

Changxin Technology is the only DRAM (memory) full industry chain enterprise in China, and its performance has embarked on a leapfrog growth path with the storage industry cycle. From 2023 to 2025, the revenue will increase from 9.087 billion yuan to 61.799 billion yuan, with a compound annual growth rate of over 160%; Previously, the industry suffered continuous losses during the downturn period. In 2023, the net loss attributable to the parent company was 16.34 billion yuan, and in 2024, the loss narrowed to 7.145 billion yuan. In 2025, the company made its first annual profit, with a net profit attributable to the parent company of 1.875 billion yuan. The quality of its main business profitability is good.

In 2026, AI computing power will drive storage price increases, and Changxin's performance will explode significantly. The first quarter revenue was 50.8 billion yuan, a year-on-year increase of 719.13%, and the net profit for a single quarter was 24.762 billion yuan, far exceeding the full year of 2025. The company expects a revenue of 110 billion to 120 billion yuan and a net profit of 50 billion to 57 billion yuan in the first half of 2026, which is expected to offset accumulated losses over the years. Currently, Changxin is the fourth largest DRAM manufacturer in the world.

On the first day of Changxin Technology's listing, investor sentiment was also explosive. On the Shanghai Stock Exchange's e-Interactive platform, investors kept asking, "Will you stand guard if you bought it for 39 yuan?" "Congratulations on your company's market value ranking first in the two markets. When will you release the interim results?" "From a technical perspective, does the 3D stacked storage chip structure require the participation of semiconductor ozone gas and ozone water? ”

As of press time, Changxin Technology has not yet responded to investors' questions.

(Author Zhang Xiaohui)