Same founder! Changxin skyrocketed today, while GigaDevice hit the limit down—Zhu Yiming’s net worth may face its biggest revaluation.

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Changxin Technology surged more than 530% on its first day of listing, instantly becoming the most valuable company on the A-share market, while the founder’s other listed company, GigaDevice, hit the lower limit during trading—a dramatic revaluation is underway for Zhu Yiming’s personal wealth.

As of now, Changxin Technology is priced at 51.98 yuan/share, up by 500%, with a total market value rising to 3.48 trillion yuan, making it the highest-valued company on the A-share market. The single-day turnover has exceeded 128.9 billion yuan.

Meanwhile, GigaDevice opened lower and quickly fell, briefly touching the lower trading limit at the start of trading. In the afternoon, it dropped 7.68%, closing at 421 yuan/share with a total market value of 296.1 billion yuan.

Both companies were founded by Zhu Yiming. The listing of Changxin Technology has significantly increased the net worth of this key driving force of China’s domestic memory industry. Based on estimates, combining his holdings in Changxin Technology and GigaDevice, Zhu Yiming’s wealth before granting employee equity incentives may exceed 69 billion yuan, and may even surpass 93 billion yuan.

Changxin Technology surges on first day, tops A-share market value

The performance of Changxin Technology on July 27 far exceeded previous market expectations, with the stock rising as much as 531.06% and the total market value reaching 3.66 trillion yuan, overtaking the former most valuable company on the A-share market and taking the top spot.

Prior to listing, several market analysts predicted that Changxin Technology’s market value could hit 2–3 trillion yuan, but the first-day intraday performance had already far exceeded this range.

During the IPO roadshow, Zhu Yiming stated, "Entering the capital market is not only a new starting point for Changxin Technology, but also a new responsibility." He emphasized the company hopes to use the capital raised to further enhance its R&D capabilities and industrialization level, and to play a leading role in promoting coordinated development of the industry chain.

GigaDevice hits lower limit, stark contrast on same day

In sharp contrast to Changxin Technology’s surge, GigaDevice rapidly dropped after opening on July 27, briefly hitting the lower trading limit. As of now, it is down 5.53%, at 431.71 yuan/share, with a total market value of about 303 billion yuan.

The market generally attributes GigaDevice’s decline to Changxin Technology’s listing. Both companies are in the memory chip sector, and Changxin Technology’s high-profile debut has triggered a shift of capital from GigaDevice to Changxin Technology to some extent.

Zhu Yiming holds 5.13% shares of GigaDevice. Based on GigaDevice’s market value of 423.4 billion yuan, his corresponding share value is about 21.7 billion yuan.

Notably, Zhu Yiming previously reduced his holdings in GigaDevice from May 11 to May 25, through centralized bidding and block trades, selling a total of 6.3299 million shares, accounting for 0.9% of the company’s total shares, cashing out about 2.29 billion yuan based on the closing market value on May 11.

Zhu Yiming’s net worth revalued: From 12 billion to over 90 billion

Before Changxin Technology’s listing, by the end of August 2025, Zhu Yiming ranked 584th on the 2025 Hurun Rich List with a fortune of 12 billion yuan. After listing, this figure faces a major revision.

According to Changxin Technology’s prospectus, before exercising the over-allotment option, the total post-offering share capital is about 66.881 billion shares. Zhu Yiming holds a total of 1,592,430,946 shares in Changxin Technology, with a pre-offering shareholding ratio of 2.6456%; his post-listing shareholding ratio is about 2.381%.

The prospectus also reveals that Zhu Yiming previously was granted 1.536 billion incentive shares in Changxin Technology, half of which he voluntarily allocated to employees of Changxin Technology and its consolidated subsidiaries for incentives, to be granted within ten calendar years after three years of listing. After deducting the portion intended for employees, Zhu Yiming actually holds about 825 million shares in Changxin Technology, corresponding to approximately 1.232% of the shares.

According to estimates by CBN reporters, calculated based on Changxin Technology’s post-listing market value of 2–3 trillion yuan, before granting employee equity incentives, Zhu Yiming’s holdings in Changxin Technology correspond to a market value of about 47.6–71.4 billion yuan; after incentives, the value is about 24.7–37 billion yuan.

Combining his remaining holdings in GigaDevice (about 21.7 billion yuan), Zhu Yiming’s total net worth before granting employee incentives may exceed 69 billion yuan, and may even top 93 billion yuan; after incentives, his net worth is expected to be between 46.3–58.7 billion yuan. Moreover, the actual first-day market value of Changxin Technology has vastly exceeded 3 trillion yuan, so these estimates may still be conservative.

Over a decade-long marathon: From GigaDevice to Changxin Technology

Zhu Yiming’s connection to these two companies spans more than two decades. In 2005, he returned to China to establish GigaDevice; in 2016, he drove the launch of the domestic DRAM project; in 2018, he focused all his energy on Changxin Technology, pledging "not to take a salary before the project makes a profit."

At the IPO roadshow, Zhu Yiming reviewed Changxin Technology’s technical journey: since successfully launching its first independently designed 8Gb DDR4 chip in 2019, marking a historic "zero-to-one" breakthrough for DRAM manufacturing in mainland China, the company has maintained intensive R&D investment, adopted a leapfrog development strategy, quickly completed mass production from the first to fourth generation process platforms, and achieved coverage and iteration of products like DDR5, LPDDR5/5X, etc.

"Every technical breakthrough is the result of countless Changxin people’s perseverance and dedication, and bears witness to the steady progress of China’s memory industry." Zhu Yiming said at the roadshow.

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