King Xin ascended to the throne! Who made the money

On July 27th, Changxin Technology listed on the Science and Technology Innovation Board, with its stock price soaring 465.82% on the first day and its market value reaching 3.28 trillion yuan. As the largest integrated DRAM enterprise in China, its listing not only marks a breakthrough in domestic storage chips, but also benefits multiple parties such as Chinese investors, Hefei state-owned assets, industrial chains, and funds. Despite losing over 30 billion yuan in the past three years, it has turned losses into profits by 2025, with a sharp increase of 1688% in net profit in the first quarter. Experts remind high valuations to be cautious of cyclical risks, but its listing undoubtedly injects a shot in the arm for China's hard technology and capital markets.