Huang Xiaoming, Li Bin, Lei Jun, Liang Wenfeng… The ChangXin IPO Feast: Who Are the Biggest Winners?
- Core Thesis: With its market cap topping the charts after listing on A-share's STAR Market (科创板), ChangXin Technology's IPO has triggered a massive wave of wealth creation. Founders, executives, employees, and numerous related parties have all reaped substantial paper gains, underscoring the capital value and market enthusiasm for China's domestic memory chip leader.
- Key Elements:
- Founder Zhu Yiming's shareholding is valued at nearly 80 billion RMB, while his family's wealth surged 300% to 13.9 billion USD. Inside the company, over 6,700 individuals benefited, creating at least 237 millionaires.
- DeepSeek founder Liang Wenfeng participated in the offline placement via his fund, investing approximately 175 million RMB to secure 20,249,700 shares, resulting in a first-day paper gain of around 827 million RMB.
- Nano Labs founder Kong Jianping indirectly holds about 18.98 million shares through a fund, corresponding to a market value of roughly 940 million RMB. His return on investment is approximately 44x (based on the company's valuation of under 20 billion RMB in 2020).
- Former Midea Group executive Huang Xiaoming personally invested 106.7 million RMB to subscribe for over 12.32 million shares. Based on the opening price, his paper gain is 503 million RMB. (Note: This is not the actor of the same name).
- NIO founder Li Bin's affiliated company subscribed for 158 million RMB, yielding a paper gain of about 740 million RMB (a return exceeding 465%). A subsidiary of Xiaomi Group was allocated 18,244,800 shares, resulting in a paper gain of roughly 736 million RMB. Lei Jun's indirect paper gain is approximately 717 million RMB (Xiaomi responded that this was a subsidiary's investment activity).
- 93 public mutual funds were allocated 1.234 billion shares, with a static paper gain of nearly 50 billion RMB. Among them, E Fund, China Southern Asset Management, and ICBC Credit Suisse each realized paper gains exceeding 4.7 billion RMB.
- Zhu Yiming plans to transfer 768 million shares free of charge three years after listing for employee incentives. The corresponding market value exceeds 37.6 billion RMB, setting a potential record for the largest individual equity incentive on the A-share market.
Original｜Odaily Planet Daily (@OdailyChina)
Author｜Wenser (@wenser 2010 )
Yesterday, ChangXin Memory Technologies landed on the A-share STAR Market, with its closing market cap fixed at 3.28 trillion RMB, ranking first in market value on the A-share market, thus sparking a "wave of wealth creation." Based on public information, Odaily Planet Daily has compiled a "ChangXin IPO Personal Profit Chart" to provide a clear look at the biggest winners. (Odaily Note: Some data is based on assets under personal company names as a reference, not personal wealth.)
ChangXin Technology Founder Zhu Yiming: Net Worth Skyrockets 300%, Stake Valued at Nearly 80 Billion RMB
With ChangXin topping the A-share market, the biggest beneficiaries are naturally its founder Zhu Yiming and its employees.
According to Bloomberg Billionaires Index data, since ChangXin's listing, the wealth of founder Zhu Yiming's family has surged nearly 300% to $13.9 billion. The value of his ChangXin stake alone is approximately 80 billion RMB. Combined with his stake in GigaDevice, his peak net worth reached 86.9 billion RMB.
Seven top executives have joined the "billionaire club." At the employee shareholding level, over 6,700 individuals benefited, with at least 237 becoming multimillionaires.
Additionally, statistics show that 93 public funds collectively obtained 1.234 billion shares, with a static paper profit of nearly 50 billion RMB. Among them, E Fund, Southern Asset Management, and ICBC Credit Suisse recorded paper profits of approximately 6.803 billion RMB, 5.598 billion RMB, and 4.712 billion RMB, respectively.
Finally, founder Zhu Yiming plans to donate 768 million shares for future employee incentives within 10 calendar years starting three years after ChangXin's listing. This corresponds to a market value of over 37.6 billion RMB, potentially setting a record for the largest individual equity incentive on the A-share market. These shares are subject to a three-year lock-up period.
It can be said that this wave of IPO wealth creation at ChangXin is not just a reward for the executive team but also a movement towards shared prosperity for its employees.
DeepSeek Founder Liang Wenfeng: Paper Profit of 827 Million RMB from ChangXin IPO Subscription
Yesterday, data from Weibo's trending topics showed that "Liang Wenfeng's ChangXin IPO subscription yields 827 million RMB profit" briefly ranked 25th on the trending list.
It is understood that two funds controlled by Liang Wenfeng — Ningbo High-Flyer Quant (153 products) and Zhejiang Jiuzhang Asset (41 products) — a total of 194 products, participated in the offline placement of the ChangXin IPO. They were allocated 20,249,700 shares, with a total subscription amount of approximately 175 million RMB.
Based on the closing price on the first day, this investment generated a paper profit of approximately 827 million RMB. Of the allocated shares, 70% are subject to a 6-month lock-up, while 30% have no lock-up period.
Nano Labs Founder Kong Jianping: Indirectly Holds Approximately 18.98 Million Shares of ChangXin, Corresponding Market Value of About 940 Million RMB
According to public information and related disclosure documents, Kong Jianping, founder of Nasdaq-listed Nano Labs, subscribed 21.34 million RMB through the Yifang Changda Fund, indirectly holding approximately 18.98 million shares of ChangXin. Based on the opening price of 49.5 RMB on that day, the corresponding market value is about 940 million RMB, with returns estimated at around 44 times according to relevant statements.
Kong Jianping himself stated that when he invested in ChangXin in 2020, the company's valuation was still less than 20 billion RMB, whereas it now exceeds 3 trillion RMB.
Former Midea Group Executive Huang Xiaoming: Subscribed Capital of 106.7 Million RMB
On the eve of the ChangXin IPO, news that "Huang Xiaoming subscribed to over 12 million ChangXin shares" sparked a wave of online discussion about the "real vs. fake Huang Xiaoming."
Initially, some speculated that this Huang Xiaoming might be the mainland Chinese actor Huang Xiaoming. Subsequently, bloggers verified the matter with the actor himself, ultimately confirming it was not him.
Later, based on publicly available online information, this "Huang Xiaoming" was identified as a former Midea Group executive. He personally invested 106.7 million RMB, subscribing to over 12.32 million ChangXin shares at a price of 8.66 RMB per share. Based on yesterday's opening price of 49.5 RMB, his paper profit is 503 million RMB.
NIO Founder William Li: IPO Subscription of 158 Million RMB, Paper Profit of Approximately 700 Million RMB
The wealth creation wave of the ChangXin IPO includes not only financial backers but also customers from different industries. New energy vehicle brand NIO, also a leading local enterprise in Hefei, is among them.
In the list of strategic investors for the ChangXin IPO, NIO Group committed to a subscription amount of 158 million RMB, with an 18-month lock-up period. Based on the issue price of 8.66 RMB/share, the total subscribed shares amount to approximately 18,244,800 shares. Based on yesterday's closing price of 49 RMB/share, NIO's book paper profit is approximately 740 million RMB, with a yield exceeding 465%.
That day, a blogger posted a photo showing NIO founder William Li present at the ChangXin Shanghai listing celebration dinner, holding a glass of red wine and smiling while interacting with many ChangXin shareholders.
Lei Jun: Subsidiary Holds Over 18.24 Million Shares, Paper Profit Exceeds 700 Million RMB
Similar to NIO, Xiaomi Group is also a customer of ChangXin Technology. In this IPO placement, Xiaomi Group's wholly-owned subsidiary, Wuhan Yibayiqiling Enterprise Management Co., Ltd., also participated, ultimately being allocated 18,244,800 shares.
Based on the issue price of 8.66 RMB/share, the paper profit for this company on the first day of listing was 736 million RMB. After equity penetration (Lei Jun holds 97.48% of Xiaomi Technology), it is estimated that Lei Jun's indirect corresponding paper profit is approximately 717 million RMB.
Of course, after the news broke, Xiaomi Group also responded to the matter promptly.
Xu Jieyun, Special Assistant to the Chairman of Xiaomi, responded in a post this morning, stating: "Just take it for entertainment, don't take it seriously." According to his explanation, this investment is a corporate-level investment activity, and subsidiary entity investments cannot be conflated with personal wealth.
An epic IPO has not only created over 200 multimillionaires but has also caused the personal fortunes of many billionaires to surge once again, truly adding wealth upon wealth. For ordinary people, perhaps winning a lottery draw and earning 20,000 RMB is already an exceptionally fortunate stroke of luck.
Regardless, ChangXin Technology is undoubtedly the current "king of A-shares" and the "first stock of domestic memory." We look forward to seeing it secure more orders in the global market and achieve even better results in the future.
