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Fang Xinghai, former member of the Party Committee and Vice Chairman of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

Domestic DRAM storage IDM leader Changxin Technology will officially list on the Sci-Tech Innovation Board on July 27, with an issuance valuation of approximately 580 billion yuan and a total fundraising amount of 29.5 billion yuan, of which about 22.066 billion yuan is for equipment purchase and installation costs. Industry insiders believe that 2026-2027 is the golden window period for the introduction of domestic equipment.In terms of the supply chain, on the equipment side, North Huachuang has shipped a large volume of various categories such as etching and thin film deposition, Zhongwei Company continues to validate and mass-produce etching and thin film equipment, Huahai Qingshi CMP equipment has entered the core supply chain, and Jingce Electronics and Jingzhida testing equipment are benefiting simultaneously. On the materials side, Yake Technology precursor products cover advanced process needs, Guanggang Gas provides special gases and bulk gases, Jinhong Gas has a gas production order cycle of 15 years, Tongcheng New Materials ArF/KrF photoresists have entered mass production, Jingrui Electric Materials has a market share of over 40% in high-purity hydrogen peroxide, but high-end photoresists are still in the validation stage, and Debang Technology is in the sample testing stage. On the packaging and module side, Huatian Technology is a packaging supplier, Jiangbolong and Demingli have reached procurement agreements, while Maijie Technology is still in the introduction phase. On the distribution side, Shangluo Electronics has been authorized, and there are expectations for supply strategy adjustments after listing. Several listed companies hold shares indirectly through industrial funds, with Shangfeng Cement holding approximately 0.1517% of the equity before issuance.

According to Jinshi News, Changxin Technology stated that the company's stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 27, 2026.

Changxin Technology announced that the results of the company's initial public offering and listing on the Sci-Tech Innovation Board have been released. The issuance price is 8.66 yuan per share, with an initial number of shares issued being 6.688 billion shares, accounting for approximately 10% of the total share capital after issuance.The final strategic placement quantity is 1.667 billion shares, and the final online issuance winning rate is approximately 0.47141739%. Online investors subscribed for 3.845 billion shares and abandoned subscriptions for 6.5862 million shares; offline investors subscribed for 2.173 billion shares and abandoned subscriptions for 31,567 shares.The joint lead underwriters underwrote 6.6178 million shares, with an underwriting amount of 57.3101 million yuan. Before the exercise of the over-allotment option, the issuance costs amounted to 281 million yuan.

According to on-chain analyst @ai_9684xtpa, the address starting with 0xf29 has increased its TWAP short order for Changxin Storage (CXMT) to 310,000 shares, with a total value of approximately 3.78 million USD if fully executed.Currently, this address has opened a 254,000 share 1x short position for CXMT at a price of 6.8123 USD, valued at approximately 1.7 million USD. Adding the cumulative 310,000 shares in the TWAP order, the total value will approach the current maximum short position for CXMT on Hyperliquid.

According to monitoring by Onchain Lens, a smart trading wallet with a size of approximately 15 million USD deposited 5 million USD into Hyperliquid today, and then opened a short position of 634,000 CXMT, valued at approximately 432,000 USD.Data shows that this address is positioning itself for a bearish trade on CXMT.

According to on-chain analyst Ai Yi's monitoring, a certain address opened a $2.155 million short position on Changxin Storage TWAP. If fully executed, it will become the second largest position in Hyperliquid CXMT. The TWAP size is 300,000 CXMT, with an opening average price of $7.1825, and currently 1.14% has been executed, with an account margin of $15 million.

According to Changxin Technology's announcement, the preliminary offline allocation results and online winning results for the company's initial public offering and listing on the Sci-Tech Innovation Board have been announced. The issuance price is 8.66 yuan per share, with an initial number of shares issued of approximately 6.688 billion shares, and there are a total of 7,702,207 winning numbers. Each winning number can only purchase 500 shares of Changxin Technology A-shares.

According to the announcement disclosed by Changxin Technology, the issuer and the joint lead underwriters will hold the online subscription lottery ceremony for this issuance on July 17 (T+1 day) morning, and the results of the online lottery will be announced on the Shanghai Stock Exchange website on July 20 (T+2 day). Changxin Technology reminds investors to pay special attention to the payment process of this issuance and to fulfill their payment obligations in a timely manner on July 20 (T+2 day).Offline investors should refer to the "Announcement of the Preliminary Offline Allocation Results and Online Lottery Results" on July 20 (T+2 day) and pay the new share purchase funds in full and on time according to the final determined issuance price of 8.66 yuan/share and the allocated quantity. The purchase funds should be received by 16:00 on July 20 (T+2 day).

According to monitoring by Lookonchain, a newly created wallet deposited 5 million USDC into Hyperliquid and went long on 194,175 shares of CXMT (worth 1.38 million USD) with 2x leverage, with a liquidation price of 4 USD.

According to the latest report released by market research firm Counterpoint Research, Chinese memory chip giant Changxin Technology (CXMT) currently holds a 9% share of the global DRAM market (by bit shipments), and this figure is expected to rise to 11% by 2028 (with a revenue share of 9%). The report indicates that Changxin Technology is transitioning from an industry "challenger" to a "strategic player," with a long-term goal of achieving a bit shipment share of 20% and a revenue share of 15% by 2035.However, the report emphasizes that to truly establish a foothold in the global memory market and join the ranks of the "big three DRAM manufacturers," Changxin Technology must cross the global market share threshold of 15% to 17% (about one-sixth). Historical experience shows that in 2008, Taiwanese DRAM manufacturers could not secure the massive funding needed for the research and development of the next generation of fabs after their market share fell below 15%, ultimately causing their market share to plummet to the edge of 3%. Therefore, the 15% share is seen as the core survival line for Changxin Technology to ensure sustainable development and self-sustaining capabilities in the medium to long term.To cross this threshold, Changxin Technology is leveraging newly raised funds to accelerate capacity expansion, planning to double its capacity by 2030 and triple it by 2035. Although facing external challenges such as U.S. equipment export controls and global supply chain access, analysts believe these restrictions may instead act as catalysts, forcing Changxin Technology to accelerate independent innovation in cutting-edge technologies such as Vertical Channel Transistors (VCT) and Wafer-on-Wafer bonding, thereby narrowing the gap with industry leaders.

Changxin Technology announced that, according to data provided by the Shanghai Stock Exchange, the number of valid subscription accounts for this online issuance is 9,428,778, with a total of 816,920,125,000 shares subscribed. The preliminary winning rate for the online issuance is 0.40995452%. The total number of allocation numbers is 1,633,840,250, with a number range from 100,000,000,000 to 101,633,840,249. After the adjustment mechanism is activated, the final winning rate for the online issuance is 0.47141739%.

The domestic DRAM storage chip leader Changxin Technology (688825) has officially opened for new stock subscription. Due to the large issuance scale, this new stock offering has rarely seen a "sunshine market" trend. Institutions predict that the online winning rate will soar to 0.3% to 0.7% (with a neutral expectation of about 0.45%), reaching 10 to 20 times that of ordinary Sci-Tech Innovation Board new stocks. Calculations show that the probability of winning for a single account with an average market value of 200,000 in the Shanghai market is as high as about 18%, and theoretically, an average market value of 1 million can reliably secure 1 winning ticket.The issuance price of the stock is 8.66 yuan per share, and to secure one winning ticket (500 shares), a payment of 4,330 yuan is required. The official winning rate and results will be disclosed on July 17 and July 20 (Monday) respectively, and winners must ensure sufficient funds in their accounts by 16:00 on the 20th. Various institutions have given a neutral expectation, as Changxin Technology's market value is expected to reach 2 trillion to 3 trillion yuan after listing, with the profit margin for a single winning ticket expected to be around 20,000 yuan.If Changxin Technology fully exercises the green shoe mechanism, the total fundraising amount will reach 66.607 billion yuan, setting a new record for the largest IPO on the Sci-Tech Innovation Board, and it will also become the third largest IPO in A-share history. Financial data shows that the company has fully turned a profit, with expected operating revenue in the first half of 2026 reaching 110 billion to 120 billion yuan, and net profit attributable to the parent company reaching 50 billion to 57 billion yuan. The total amount of this strategic placement exceeds 14.4 billion yuan, successfully attracting social security funds, pension funds, as well as 30 major industry terminal giants such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.

On the X platform, on-chain analyst Ai Yi stated that there is a buy order for Changxin Storage (CXMT) of 6.824 million dollars at the 6 dollar position on the Hyperliquid order book.At the current price of 6 dollars, the market value of Changxin Storage is approximately 2.72 trillion RMB, totaling 66.88 billion shares, surpassing the current market value leader, Industrial and Commercial Bank of China, at 2.66 trillion RMB.

Changxin Technology (688825.SH) announced that the company will conduct its initial public offering and list on the Sci-Tech Innovation Board, with an issue price of 8.66 yuan per share. Investors are requested to subscribe online and offline at this price on July 16, 2026 (T day), with no need to pay subscription funds at the time of application.Among them, the offline subscription time is from 9:30 to 15:00, and the online subscription time is from 9:30 to 11:30 and 13:00 to 15:00. The total number of initial shares issued is 66,880,886.08 shares, accounting for approximately 10.00% of the total share capital after issuance, and granting CICC an over-allotment option not exceeding 15.00% of the initial shares issued.The price corresponds to a diluted price-to-earnings ratio of 308.92 times for 2025, based on the lower of pre- and post-deduction earnings (without exercising the over-allotment option), which is higher than the industry average price-to-earnings ratio of 76.32 times and the average price-to-earnings ratio of comparable companies of 134.62 times. The total amount of funds raised is expected to be approximately 57.919 billion yuan (before the exercise of the over-allotment option), with a net amount of approximately 57.638 billion yuan after deducting issuance expenses.

According to reports from Jiemian News, the prospectus shows that Changxin Technology has implemented a rare employee stock incentive plan in the semiconductor industry before its listing. The company launched two phases of employee stock ownership plans over four years, granting shares to a total of 6,760 individuals, accounting for 35% of the total number of employees, with a higher proportion of R&D and highly educated personnel. Chairman Zhu Yiming publicly promised to distribute the granted 768 million shares to current employees free of charge within ten years after the company has been listed for 36 months, and he personally committed not to reduce his holdings within ten years after the listing. This initiative aims to retain core talent and stimulate team motivation through a long-term interest-binding mechanism during the lengthy technology catch-up cycle.In terms of performance, benefiting from the AI-driven super cycle in the storage industry, Changxin Technology has achieved a strong turnaround and significant growth. The company expects to achieve revenue of 110 billion to 120 billion yuan in the first half of 2026, a year-on-year increase of more than six times; the net profit attributable to the parent company is expected to reach 50 billion to 57 billion yuan.Previous news: According to the official website of the Shanghai Stock Exchange, Chinese storage giant Changxin Technology disclosed its intention to list on the Sci-Tech Innovation Board and the "Issuance Arrangement and Preliminary Inquiry Announcement" on July 9, officially starting the IPO issuance process on the Sci-Tech Innovation Board. The announcement disclosed that the offline subscription date and online subscription date for the company's new shares are both set for July 16, 2026. The stock code for Changxin Technology/offline subscription code is "688825," and the online subscription code is "787825." This public offering plans to issue approximately 6.688 billion shares (before the exercise of the over-allotment option), while the issuer grants CICC an over-allotment option not exceeding 15.00% of the initial number of shares issued; if fully exercised, the total number of shares issued will increase to approximately 7.691 billion shares.

According to the official website of the Shanghai Stock Exchange, Chinese storage giant Changxin Technology disclosed its IPO prospectus and "Issuance Arrangement and Preliminary Inquiry Announcement" for the Sci-Tech Innovation Board on July 9, officially starting the IPO issuance process for the Sci-Tech Innovation Board. The announcement revealed that the offline subscription date and online subscription date for the company's new shares are both July 16, 2026. The announcement also indicated that Changxin Technology's stock code/offline subscription code is "688825," and the online subscription code is "787825." The announcement shows that the proposed public offering will issue 668,808.8608 million shares (before the exercise of the over-allotment option), and the issuer grants China International Capital Corporation an over-allotment option not exceeding 15.00% of the initial number of shares issued. If the over-allotment option is fully exercised, the total number of shares issued will increase to 769,130.1608 million shares.

According to the Industrial and Commercial Times, due to the soaring prices of key components such as memory and SSDs, the cost pressure for configuring high-capacity storage in mainstream laptops has greatly increased. Cost-effective mainland Chinese memory and storage components are gradually penetrating the PC supply chain, with brands such as Lenovo, ASUS, MSI, Gigabyte, Acer, and even the American brand Apple accelerating the certification, introduction, or platform tuning of related products.The report pointed out that Lenovo has expanded its use of mainland components this year, and recently flagship laptop models equipped with Yangtze Memory Technologies (YMTC) SSDs have appeared on North American cross-border e-commerce platforms. The American brand Apple is also reported to be negotiating with the U.S. government to procure Changxin Memory Technologies (CXMT) memory to cope with the rising prices. In terms of Taiwanese board manufacturers, MSI recently announced that it is the first to complete the verification and tuning of Changxin Memory DDR5 chips on the AMD platform at DDR5-8000+, while Gigabyte has also adopted Changxin Memory chips in some motherboard models. ASUS and Acer have introduced memory modules from mainland manufacturers such as BIWIN through their own brand memory certification or OEM models.Industry analysts believe that although the short-term imbalance in supply and demand for storage has prompted non-mainland brands to accelerate related certifications, due to the limited production capacity of mainland manufacturers, brand Taiwanese manufacturers still emphasize that Korean original manufacturers with long-term contracts remain the main supply partners at present.