COUNTRY GARDEN (HKEx: 2007) missed out on more than 43 billion yuan in potential profits after selling its stake in a leading chipmaker shortly before its blockbuster IPO.

A new champion emerged on the A-share market today as Changxin Technology (688825.SH), a domestic leader in DRAM production, surged 471.59% at the open. The stock reached a market capitalization of over 3.3 trillion yuan, surpassing Industrial and Commercial Bank of China to become the most valuable listed company in the A-share market. After hitting an intraday high of 55.03 yuan, Changxin closed at 49 yuan, representing a 465.82% gain and a market cap of 3.28 trillion yuan. This marked the largest initial public offering (IPO) in the history of the STAR Market, creating a rare capital bonanza.

However, amid the excitement, one name stands out for its absence: the property developer founded by Yang Guoqiang. Five years ago, COUNTRY GARDEN was among the earliest investors in Changxin Technology. Two years ago, it liquidated its entire position just before the company's breakthrough. Every rise in Changxin's share price now serves as a measure of the fortune COUNTRY GARDEN left behind.

A Trillion-Yuan Party: Who is Celebrating?

Changxin Technology's debut shattered multiple A-share records, becoming the largest IPO on the STAR Market, the first stock to reach a 3 trillion yuan market cap on its first day, and a single-day trading volume exceeding 100 billion yuan. The biggest winners are the state-owned and industrial capital that supported Changxin for a decade.

Hefei state-owned capital was the primary incubator, investing about 24.8 billion yuan over ten years. Post-IPO, the Hefei state entities collectively hold roughly 33% of Changxin, and based on the closing market cap of 3.28 trillion yuan, their paper gains exceed one trillion yuan. The National Integrated Circuit Industry Investment Fund Phase II (Big Fund II) holds 7.86%, with a value of over 250 billion yuan at the close. As a key national capital vehicle for the integrated circuit industry, the Big Fund has been a core supporter of Changxin's technology upgrades and capacity expansion.

Alibaba Group is the biggest winner among market-oriented investors. Through Alibaba Cloud and Alibaba Network, it holds about 4.97% of Changxin. Based on the first-day market cap, Alibaba's stake is worth over 170 billion yuan, yielding a profit of over 160 billion yuan and a return multiple exceeding 20 times. The tech giant invested approximately 7.6 billion yuan across two entities to acquire its nearly 5% stake. At the closing price, the value of Alibaba's holdings exceeds 160 billion yuan, with a floating profit of more than 150 billion yuan and a total return multiple of over 20 times.

Six Shanghai-based industry companies—Montage Technology, Anji Technology, Advanced Micro-Fabrication Equipment Inc. (AMEC), Huaqin Technology, NSIG, and Haoyu Information—participated in Changxin's strategic placement, each receiving about 18.24 million shares. At the latest closing price, these six companies collectively hold a paper gain of approximately 4.5 billion yuan.

IPO subscribers also benefited. With a subscription cost of just 4,330 yuan per lot of 500 shares, each winning lot yielded a profit of about 20,000 yuan. Over 9.42 million investors applied online, with a final allotment rate of just 0.47%. From state capital to industrial investors, from internet giants to retail investors, Changxin's listing created immense wealth for many. According to media estimates, the company's listing alone created at least 237 new millionaires on its first day.

Yet, in this trillion-yuan wealth creation event, one name is repeatedly mentioned—not as a winner, but as the most poignant absentee.

Exiting Before Dawn: What Did COUNTRY GARDEN Lose?

The story goes back to September 2021. At that time, COUNTRY GARDEN (HKEx: 2007) was China's top-selling developer by sales, flush with cash, and actively searching for a "second growth curve." During Changxin Technology's Series C funding round, COUNTRY GARDEN Ventures invested 900 million yuan to acquire about 1.56% of the company. Changxin's valuation at that time was only around 40 billion yuan. For a real estate developer to invest 900 million yuan into a semiconductor company that was still deeply loss-making required both vision and boldness.

That vision proved accurate. Changxin Technology subsequently surged: in a new funding round in March 2024, its valuation had already reached 150.8 billion yuan. By its 2026 listing, its market cap exceeded 3 trillion yuan. From 40 billion to 3 trillion yuan, Changxin's valuation increased nearly 75 times in five years.

However, COUNTRY GARDEN did not last. In December 2024, it sold its 901 million shares in Changxin (about 1.56% of the then-outstanding shares) to Hefei state capital for 2 billion yuan. The sale price was 2.22 yuan per share—roughly one-quarter of the IPO price and 4.5% of the opening price. The proceeds were all used for "ensuring housing delivery" projects. On paper, moving from 900 million yuan in to 2 billion yuan out, COUNTRY GARDEN made a profit of 1.1 billion yuan, a return of over 100%.

But, based on Changxin's first-day closing price of 49 yuan, the 901 million shares were worth 44.1 billion yuan. In other words, by exiting early, COUNTRY GARDEN missed out on over 43 billion yuan in potential gains. And that's not all. LandSpace, a private commercial rocket company, was the first hard-tech project COUNTRY GARDEN Ventures invested in. From 2019 to 2022, COUNTRY GARDEN invested over 500 million yuan in four separate rounds. In 2023, LandSpace's Zhuque-2 Yao-2 launch vehicle successfully reached orbit, with the "COUNTRY GARDEN Ventures" logo printed on the rocket body. However, in April 2025, again to "ensure housing delivery," COUNTRY GARDEN sold its roughly 11.06% stake in LandSpace for 1.305 billion yuan. On paper, this deal yielded a profit of about 800 million yuan. But in the long term, if LandSpace successfully goes public, that stake is expected to be worth nearly 7.5 billion yuan.

From its investments in Changxin Technology and LandSpace, COUNTRY GARDEN cashed out a total of about 3.3 billion yuan, missing out on a potential paper value of over 50 billion yuan. What does 50 billion yuan mean? It is 15 times COUNTRY GARDEN's net profit for 2025, and far exceeds its peak profit of 39.6 billion yuan in 2019.

COUNTRY GARDEN Ventures' "list of regrets" extends further. At its peak, the investment arm, which the market called "the most VC-like corporate strategic investor," had invested in over 90 companies, with "hard-tech" investments accounting for 52% of its total. It had identified 10 IPOs and 26 unicorns. Its portfolio included star projects like Unisoc, BYD Semiconductor, Biren Technology, SJ Semiconductor, Longteng Semiconductor, and Dreame Technology. However, from 2024 onwards, to address a liquidity crisis, COUNTRY GARDEN has been forced to sell off high-quality assets, including Changxin Technology, LandSpace, and Dreame Technology.

Nevertheless, COUNTRY GARDEN did not sell all its hard-tech assets. It still holds stakes in Unisoc, Biren Technology, and BYD Semiconductor. This again proves that the developer did not lack foresight; it accurately bet on the core track of China's hard-tech rise. It simply could not wait for the day of value realization. When a company's very survival is in question, even the best investments become a painful trade-off between "distant water" and "immediate fire."

With Changxin's listing, COUNTRY GARDEN lost not just a multi-billion yuan investment return, but also a ticket to a new era. As of today's close, COUNTRY GARDEN shares traded at 0.176 Hong Kong dollars, giving it a market cap of 8.2 billion Hong Kong dollars, down over 97% from its peak value of over 300 billion Hong Kong dollars.