Cxmt Corporation (688825.SH) shares closed at 49 yuan each on July 27, marking a historic debut. The stock surged 465.82% on its first day, with a turnover rate exceeding 66%, surpassing Industrial and Commercial Bank of China to become the largest company by market capitalization on the A-share market. Total trading volume for the day exceeded 140 billion yuan, setting a record as the first A-share stock to surpass 100 billion yuan in single-day turnover. This epic hard-tech IPO has kicked off the capital realization cycle for China's domestic memory chip industry.

Based on shareholding data disclosed in the prospectus, multiple parties—including Hefei state-owned capital, national industry funds, the founding team, all employee shareholders, industrial capital, and IPO investors—are reaping enormous paper gains from the stock's opening. According to a review by Red Star Capital Bureau, the wealth creation from Cxmt Corporation has generated paper profits exceeding one trillion yuan for Hefei state-owned capital. Founder Zhu Yiming's shareholding is valued at nearly 80 billion yuan. Seven senior executives have joined the "billionaire club" (with holdings exceeding 1 billion yuan each), while the employee stock ownership plan covers over 6,700 participants, creating at least 237 millionaires.

It is important to note that all shareholder market value calculations in this article are based on the opening price of 49.50 yuan and the total post-IPO share capital of 66.881 billion shares, representing only paper gains. Stock prices fluctuate continuously, and these paper profits do not guarantee eventual cash realization.

Hefei State-Owned Capital Emerges as Biggest Winner with Over One Trillion Yuan in Paper Profits

Hefei state-owned capital, which incubated Cxmt Corporation from scratch, is the largest paper beneficiary of this IPO. The prospectus shows that Cxmt Corporation has no controlling shareholder or actual controller. A breakdown of the shareholding structure reveals that the Hefei municipal state-owned capital system holds a combined stake of approximately 36.79% through platforms such as Qinghui Jidian, Changxin Jicheng, Chantou No.1, and Hefei Jianchang. Among them, Qinghui Jidian (the largest shareholder) holds 21.67%; Changxin Jicheng (100% controlled by Hefei Industry Investment) holds 11.71%; together with entities like Chantou No.1 and Hefei Jianchang, they form the company's most important cornerstone investors.

When the Cxmt project was launched in 2016, the global DRAM market was dominated by foreign manufacturers, and the industry outlook was highly uncertain. Hefei state-owned capital stepped in first to underwrite the project, with the Hefei Industry Investment bearing 80% of the funding for the first phase. Over the past decade, through multiple rounds of capital increases and continuous incubation, total investment is estimated to be between 26 billion and 30 billion yuan, based on public market data. At the opening market capitalization, the paper value of Hefei state-owned capital's corresponding equity exceeds 1.21 trillion yuan. Market analysts point to this as one of the most classic examples of a local government guidance fund investing in hard tech.

The National Integrated Circuit Industry Investment Fund Phase II (Big Fund Phase II) is the third-largest shareholder of Cxmt Corporation, holding an 8.73% stake. Based on the opening price, the value of Big Fund Phase II's shares is approximately 288.9 billion yuan. Market estimates suggest Big Fund Phase II invested about 4.76 billion yuan in Cxmt Corporation, implying substantial paper returns on that investment. Anhui Province Investment Group holds a 7.91% stake, making it the fifth-largest shareholder of Cxmt Corporation. This company is wholly owned by the Anhui Provincial State-owned Assets Supervision and Administration Commission. The corresponding paper market value at the opening price is approximately 262 billion yuan.

Seven Executives Join Billionaire Club; At Least 237 Millionaires Created

Cxmt Corporation founder and Chairman Zhu Yiming indirectly holds a total of approximately 1.5924 billion shares through multiple platforms, including Qinghui Jidian, Hefei Jixin No. 41, and Gigadevice Semiconductor Inc. (603986.SH), representing a pre-IPO shareholding ratio of about 2.65%. Based on the opening price of 49.50 yuan per share, the paper value of this portion of shares is approximately 78.8 billion yuan. However, Zhu Yiming has publicly pledged to distribute approximately 768 million of his Cxmt Corporation shares (with a current market value of about 38 billion yuan) to current employees over the 10 calendar years following the 36-month lock-up period after the company's listing. This incentive plan excludes Zhu himself. After deducting this pledged portion, the paper value of the Cxmt Corporation-related equity Zhu Yiming ultimately retains is approximately 40.8 billion yuan.

The listing of Cxmt Corporation has also created a cohort of wealthy executives. Based on the opening price of 49.50 yuan, Chairman Zhu Yiming and Director, President, and key technical personnel Cao Kanyu have shareholdings exceeding 10 billion yuan. Five other senior executives have holdings exceeding 1 billion yuan: Executive Vice President Zhu Wenju (2.915 billion yuan), Co-President Zhang Yu (2.765 billion yuan), Senior Vice President and Chief Financial Officer Huang Danyang (1.983 billion yuan), Senior Vice President and key technical personnel Li Hongwen (1.523 billion yuan), and Vice President and Board Secretary Yuan Yuan (1.107 billion yuan).

Cxmt Corporation also designed a dual wealth-creation channel for its employees. One component is a strategic placement asset management plan, where 377 senior managers and core employees participated in strategic placements through four special asset management plans, with total allocated amounts of approximately 1.593 billion yuan. Based on the strategic placement allocation data, employees with allocated amounts of 2 million yuan or more have paper assets exceeding 10 million yuan, with market estimates suggesting at least 237 millionaires have been created. Additionally, the company has implemented two phases of employee stock ownership plans. The prospectus shows that Cxmt Corporation implemented two phases of employee stock ownership plans before its listing, using the Hefei Jixin shareholding platform, granting a total of 6,760 person-times. The first phase, implemented from September 2021, had a grant price of 1.05 yuan per share, covering 3,596 person-times. The second phase, implemented from June 2023, had a grant price of only 0.108 yuan per share, covering 3,164 person-times. Based on the opening price of 49.50 yuan per share, the paper return for employees holding shares from the second phase exceeds 400 times. Due to the large number of participants, the company set up 41 indirect employee shareholding platforms for the first phase and 70 indirect employee shareholding platforms for the second phase.

It is worth noting that Cxmt Corporation founder and Chairman Zhu Yiming is also the chairman of Gigadevice Semiconductor Inc. Zhu Yiming holds 1.592 billion shares of Cxmt Corporation, representing approximately 2.38% of its shares, while also holding a 5.13% stake in Gigadevice Semiconductor Inc.

In contrast to Cxmt Corporation, shares of Gigadevice Semiconductor Inc. opened lower on July 27 and quickly fell to the daily limit. By the close, the stock was at 434.03 yuan, down 5.03%, giving it a total market capitalization of 304.6 billion yuan. (This article does not constitute any investment advice. Acting on this information carries its own risks.)