The July 28 Shanghai listing created large paper gains for Hefei state-owned capital, funds linked to DeepSeek founder Liang Wenfeng, and a Xiaomi unit stake that prompted clarification it was a corporate, not personal, holding.
ChangXin Technology began trading on Shanghai’s STAR Market on July 28, surging 465.82% on its first trading day after opening at CNY 49.50. Based on its post-IPO total share capital of 66.881 billion shares, the debut implied a paper valuation of more than CNY 1.21 trillion for Hefei state-owned capital’s stake. The listing also fueled estimates of about CNY 827 million in first-day paper gains for private funds linked to DeepSeek founder Liang Wenfeng and online claims of roughly CNY 700 million in paper gains tied to a Xiaomi unit’s 18.2448 million-share holding, which Xiaomi executive Xu Jieyun said was a corporate investment rather than Lei Jun’s personal wealth.