Tracking the Concept of Hong Kong Stocks | Changxin Technology Listed on the 27th; Strategic Placement and Underwriters Benefit (with Concept Stocks)

On July 19, the online lottery results of Changxin Technology were announced, and 7.7022 million winning numbers were released. Each winning number can subscribe for 500 shares, and the payment for one subscription is 4330 yuan. Changxin Technology issued approximately 6.688 billion shares this time, at an issue price of 8.66 yuan per share, corresponding to a market valuation of approximately 579.2 billion yuan. The fundraising scale is approximately 57.9 billion yuan, surpassing Semiconductor Manufacturing International Corporation's 53.2 billion yuan in 2020, making it the largest IPO in the history of the STAR Market. The formal listing date of Changxin Technology (stock code: 688825.SH) is July 27, 2026. According to the information disclosed in the prospectus of Changxin Technology, Zhejiang Alibaba Cloud Computing Co., Ltd. holds 3.85% of the shares, making it the sixth largest shareholder of the company and the largest industrial investor in the last round of financing before the IPO; Alibaba (China) Network Technology Co., Ltd. has a 1.12% stake. Alibaba's ownership exceeds that of Changxin Technology's founder and chairman, Zhu Yiming, who indirectly holds approximately 2.65% of the shares through multiple entities. Public information shows that Alibaba holds a total of 4.97% of Changxin Technology through two entities, with a cumulative investment of approximately 7.6 billion yuan. Based on the issue valuation, the book value of this stake is close to 130 billion yuan, representing an impressive investment return rate of approximately 17 times. It is worth noting that the final issue price of Changxin Technology is determined to be 8.66 yuan per share. Based on the total share capital after the company's listing, Changxin Technology's market valuation is 579.188 billion yuan, lower than the market's previous expectations of 1 trillion yuan, and far below the extreme predictions of 3-5 trillion yuan. EB SECURITIES pointed out that insurance funds hold 4.1% of Changxin Technology's shares before the issuance, with PICC and Sunshine being the main participating insurers, and there are differences in the impact on the financial statements under different measurement models. Related Hong Kong stocks related to Changxin concept: BABA-W (09988): According to the information disclosed in the prospectus of Changxin Technology, Zhejiang Alibaba Cloud Computing Co., Ltd. holds 3.85% of the shares, making it the sixth largest shareholder of the company and the largest industrial investor in the last round of financing before the IPO; Alibaba (China) Network Technology Co., Ltd. has a 1.12% stake. CICC (03908): Both domestic and foreign equity investment banks have rebounded, with the company's Hong Kong IPO ranking first in all dimensions. The company achieved investment banking revenue of 5.03 billion yuan in 2025, a year-on-year increase of 62.6%. CICC obtained the exclusive oversubscription option in this IPO. According to the issuance announcement, the joint lead underwriters oversubscribed approximately 1.003 billion shares to online investors at the issue price of 8.66 yuan per share, accounting for 15.00% of the initial public offering shares. If fully exercised, CICC would need to invest approximately 8.7 billion yuan, making it a significant shareholder of Changxin Technology. As a joint sponsor, CICC participated in the strategic allocation through its wholly-owned subsidiary (CICC Wealth). The initial ratio of strategic allocation is 2.00% of the number of shares publicly issued this time (excluding oversubscription rights), corresponding to 134 million shares. These shares have a lock-up period of 24 months. Before the IPO, CICC and related parties already held shares of Changxin Technology. Through its wholly-owned subsidiary CICC Capital acting as the executive partner of "CICC Win-Win", and through other funds indirectly participating in shareholding, CICC and related parties collectively held a stake of 0.32%. China Securities Co.,Ltd. Securities (06066): Similar to CICC, China Securities Co.,Ltd. as one of the two joint sponsors and lead underwriters, jointly shared the underwriting fees of Changxin Technology's IPO with the other four joint lead underwriters. Calculated based on a fundraising amount of 29.5 billion yuan, the comprehensive underwriting fee rate for this IPO is approximately 0.62%, with a total underwriting fee of approximately 184 million yuan; China Securities Co.,Ltd. participated in the strategic allocation through its wholly-owned subsidiary (China Securities Co.,Ltd. Investment). Its initial allocation ratio is also 2.00% of the number of shares issued publicly this time (excluding oversubscription rights), corresponding to approximately 134 million shares. In the end, it actually received approximately 115 million shares, corresponding to an allocated amount of approximately 1 billion yuan. These shares have a lock-up period of 24 months. Before the IPO, China Securities Co.,Ltd. had already positioned itself. Through its wholly-owned subsidiary China Securities Co.,Ltd. Investment, China Securities Co.,Ltd. participated in the investment in Changxin Storage through fund entities such as Xinxin Lirun. Through hierarchical penetration calculation, China Securities Co.,Ltd. indirectly holds a stake of Changxin Technology's shares totaling 0.15% (diluted to approximately 0.13% after issuance).