Banks "潜伏" in ChangXin Memory Technologies: Equity appreciation accounts for approximately 0.3%-10% of the 2025 revenue of six major banks including ICBC, ABC, CCB, etc.

Odaily Planet Daily News ChangXin Memory Technologies (CXMT) became the "king of A-shares" on its first day of listing, also bringing considerable book-value appreciation gains to the five major state-owned banks that indirectly hold shares. It is reported that the five major state-owned banks mainly participated in the investment in CXMT through their financial asset investment companies (AICs): Agricultural Bank of China (ABC) directly holds approximately 0.95% through its subsidiary ABC Financial Asset Investment, making it the largest investor among the bank-owned AICs; China Construction Bank (CCB) directly holds approximately 0.83% through CCB Principal Asset Management, while also indirectly holding part of the equity through CCB International and CCB Principal Leading, with a total consolidated holding of approximately 1.7%, the highest proportion among the five state-owned banks; Industrial and Commercial Bank of China (ICBC) holds approximately 0.64% through ICBC Financial Asset Investment's subsidiary ICBC Financial Investment; Bank of Communications (BoCom) holds approximately 0.38% through BoCom Financial; Bank of China (BoC) holds approximately 0.38% through BOC Asset Management.

Analysts suggest that banks are likely to place their CXMT equity holdings under the FVTPL account (financial assets measured at fair value through profit or loss). Assuming the last pre-IPO funding round price of 2.63 yuan per share as the benchmark, the book value amounts for each bank are CCB 24.6 billion yuan, ABC 15 billion yuan, ICBC 10.1 billion yuan, BoC and BoCom 6 billion yuan each, and China Merchants Bank (CMB) 4.6 billion yuan. Under different scenarios where CXMT's total market capitalization ranges from 1 to 7 trillion yuan post-listing, the equity appreciation portion accounts for approximately 0.3% to 10% of these six banks' 2025 revenues. (Caixin)