On July 27, 2026, Changxin Technology (688825.SH) made its official debut on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. The stock's closing price soared nearly 466% from its issue price, reaching RMB 49 per share. This surge propelled its A-share market capitalization to approximately RMB 3.28 trillion, surpassing industry giants such as Kweichow Moutai and CATL to claim the top spot on the A-share market capitalization list. With an issue price of RMB 8.66 per share, an initial public offering (IPO) of 6.688 billion shares, and a total share capital of 66.881 billion shares post-offering, Changxin Technology raised a total of RMB 57.919 billion in funds. This amount surpassed that of SMIC, making it the largest IPO in the history of the STAR Market. On its first day of trading, Changxin Technology's trading volume exceeded RMB 141.1 billion, setting a new all-time high in A-share history. The turnover rate exceeded 60%, indicating highly active trading. As a leading enterprise in China's domestic DRAM sector, Changxin Technology has achieved mass production of a comprehensive range of DRAM products, including DDR4 and DDR5. These products cater to mainstream markets such as servers, mobile devices, and smart vehicles. The company's listing also directly boosted the total A-share market capitalization of Hefei-based companies. As of the market close on July 27, the A-share market capitalization of Hefei-based companies exceeded RMB 4.5 trillion, propelling Hefei to fourth place in the national ranking of A-share market capitalizations by city.