Rare 'financial feast'! Changxin Technology helps 69 insurance firms achieve floating profits exceeding 85 billion yuan
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Domestic DRAM memory chip leader ChangXin Technology officially landed on the STAR Market, closing at 49 yuan/share on the first day, up 465.82% from the issue price. Its total market value reached 3.28 trillion yuan, immediately taking the top spot in A-share market value.
Behind the soaring stock price, 69 insurance institutions have been lurking for a long time. From early private equity financing to IPO strategic placement and then offline subscription, at the early morning close price of 54.65 yuan/share, their combined floating profit exceeds 85 billion yuan. Among them, 6 early entrants invested 2.385 billion yuan at low cost, earning over 127.9 billion yuan in profits.
From an industry perspective, the transition is now irreversible. In the long run, the shift of insurance funds from traditional "fixed income + high dividend" to hard technology allocation is irreversible, and a new path is being recognized by the whole industry.
ChangXin Technology Shows Stellar Performance on Both Listing Days
On July 27, ChangXin Technology (688825) officially listed on the STAR Market in the largest IPO in its history. On the first day, the issue price was 8.66 yuan/share, the opening price was 49.5 yuan, and the closing price reached 49 yuan/share, up 465.82% from the issue price. Its market value hit 3.28 trillion yuan, topping the A-share total market value list.
On July 28, ChangXin Technology continued its strong performance, closing at 48.20 yuan/share at the morning session, with total market value still above 3 trillion yuan, maintaining its position as No.1 in the entire market.
Two consecutive days of strong performance mean ChangXin Technology has firmly taken its seat as the market value champion, and its long-term impact on the A-share market may still be brewing.
Creating a "Wealth Myth"
ChangXin Technology's strong performance for two consecutive days has also made its early stage investors rich.
Ordinary investors who won a lot with less than 5,000 yuan, made more than 20,000 yuan in just two trading days.
The number of effective online subscriptions for ChangXin Technology reached 9.4288 million accounts, with a winning rate of 0.47%, which means that hundreds of thousands of investors gained wealth as a result.
Insurance Fund Placement in New Stocks Brings Substantial Returns
But the ones who made the most money from ChangXin Technology were institutions, especially insurance funds.
From early private equity financing, to pre-IPO shareholding, and then to IPO offline and online subscriptions, insurance funds’ investment in ChangXin covered the full cycle from incubation to listing.
According to analysis, a total of 69 insurance companies hold shares in ChangXin Technology. At the morning close price of 54.65 yuan, their combined floating profit exceeds 85 billion yuan.
Among them, at the earliest private equity stage, Hexie Health, China Life Investment, PICC Capital, Sunshine Life, China Post Life, PICC Sci-tech 6 insurance funds were already shareholders. These 6 invested a total of 2.385 billion yuan during ChangXin’s worst loss period, holding a total of 3.96% of shares prior to issuance.
Calculated at the morning close price of 54.65 yuan/share, the combined value of their shares exceeded 130.3 billion yuan, with a floating profit of over 127.9 billion yuan.
Entering the IPO issuance stage, PICC P&C, China Life, China Post Life, Taikang Life each received about 11.5473 million shares, with an initial investment of about 100 million yuan each. By the morning of the first day, these 400 million yuan had appreciated to about 2.528 billion yuan, with a combined floating profit over 2.128 billion yuan for the four companies.
According to reports, in the offline placement segment, 6 pension insurance companies, 19 insurance asset management firms, and 7 life insurers participated in the offline subscription, being allocated about 5.665 billion yuan worth of shares, with a floating profit of about 30.083 billion yuan based on the morning price.
From decisively entering during the worst loss period, to fully participating in the IPO phase, insurance funds completed an all-cycle investment in the ChangXin case, highlighting the profit-making ability of long-term and smart capital.
In the Long Run, Insurance Funds Are Increasingly Allocating to Technology Tracks
ChangXin Technology is just one example from the insurance funds’ hard technology investment list, but obviously not the only one.
As of the end of May 2026, the insurance industry’s total assets reached 43.23 trillion yuan. Over ten insurance companies have participated in founding equity investment funds this year, mainly focused on AI, semiconductors, and integrated circuit fields.
On July 10, just two weeks before ChangXin's listing, China Life announced the establishment of Tianjin Shenghe Xincheng Equity Investment Fund, sized at 5 billion yuan and lasting 8 years, with China Life itself subscribing to 4.999 billion yuan, mainly investing in semiconductor process supporting fields. This is China Life’s first specialized fund in the pure semiconductor track.
On July 20, five listed insurers—China Pacific, Ping An, New China Life, PICC, and China Life—jointly announced to increase investment in the hard technology track.
This trend is driven by both market forces and policy support. From the insurance funds’ own allocation needs, traditional fixed income returns cannot cover liability costs, and interest margin losses have become a sword hanging over the industry.
Meanwhile, regulation has opened up more space, raising the equity investment cap for some solvency categories from 30% to 50%, and lowering the risk factor for STAR Market positions, further encouraging insurance capital to participate more deeply in the equity market.
The successful bet on ChangXin Technology by insurance funds validates the match in characteristics between long-term insurance capital and the growth cycle of hard technology companies. This is not the starting point, nor will it be the end.
Risk Warning and DisclaimerThe market has risks, investment requires caution. This article does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article suit their own particular circumstances. Investing based on this is at your own risk. ```