ChangXin Technology Starts IPO Subscription Amid High Oversubscription Expectations

ChangXin Technology, a domestic DRAM chip leader, has officially begun its IPO subscription, with institutions forecasting a rare surge in retail winning odds due to the offering’s large size. According to ChainCatcher, the online allotment rate is expected to rise to 0.3% to 0.7%, with a neutral estimate of about 0.45%, far above typical STAR Market IPO levels. The stock is priced at 8.66 yuan per share, and one winning lot of 500 shares requires a payment of 4,330 yuan. The official allotment rate will be disclosed on July 17, and the lottery results will be announced on July 20; winners must ensure sufficient funds in their accounts by 4:00 PM on July 20. Institutions said the stock could offer roughly 20,000 yuan in profit per winning lot if ChangXin Technology’s market value reaches 2 trillion yuan to 3 trillion yuan after listing. If the green shoe option is fully exercised, total fundraising could reach 66.607 billion yuan, which would set a new STAR Market IPO record and rank as the third-largest IPO in A-share history. The company has reportedly returned to profitability, with revenue in the first half of 2026 expected to reach 110 billion yuan to 120 billion yuan and net profit attributable to shareholders projected at 50 billion yuan to 57 billion yuan. Strategic placement exceeded 14.4 billion yuan and included social security funds, pension funds, and 30 industrial investors such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.