113 Private Funds Allocated Shares in ChangXin Technology IPO; Two Firms Under Liang Wenfeng Secure Combined ¥175 Million
Taylor Wilson
ChangXin Memory Technologies' STAR Market IPO allocation results are out: 113 private funds received a combined RMB 1.436 billion. DeepSeek founder Liang Wenfeng's two quant firms took RMB 175 million — the largest single-controller stake among private funds — as top quant houses bet heavily on China's DRAM champion.
How big is this IPO?
CXMT (长鑫科技) plans to raise RMB 29.5 billion, making it the largest A-share IPO this year.
On the STAR Market, it ranks second all-time — behind only SMIC's RMB 53.2 billion listing.
The offer price is RMB 8.66 per share; roughly 6.688 billion shares will be issued, about 10% of post-IPO equity.
This means → the market is pricing this as a landmark event for China's DRAM sector.
Who got the biggest allocations?
The top four by allocated value are all leading quant hedge funds: Nine Kunpeng ~RMB 133.4M, High-Flyer (幻方) ~RMB 133M, Shanghai Yanfu ~RMB 132.9M, Century Frontier ~RMB 129.9M — each above RMB 100 million.
The standout name is Liang Wenfeng — founder of DeepSeek and a quant-fund veteran. His two vehicles, High-Flyer Quant + Zhejiang Jiuzhang Asset, together secured ~RMB 175 million, the largest private-fund stake under a single controller.
In plain terms = the man building China's leading AI model used his quant-fund capital to make the single biggest private-fund bet on China's memory-chip champion.
How did public vs. private funds compare?
Category A investors — mainly mutual funds — received ~1.978 billion shares, or 91% of the offline tranche.
Category B investors — mainly private funds — received ~196 million shares, just 9%.
Retail investors' online lottery rate came in at only 0.47%.
This means → the vast majority of shares sit with mutual funds. Private funds committed meaningful capital, but their slice of the overall pie is small; retail investors barely got in at all.
What does CXMT actually do?
Its business is concentrated on DRAM — the memory chips computers use to hold data temporarily — and it is the domestic leader in this segment.
CXMT now mass-produces the full lineup: DDR4, DDR5, LPDDR4X, LPDDR5/5X, serving servers, mobile devices, and smart vehicles.
This reflects a company that has moved past the "low-end only" stage; its product portfolio now spans high-end and multi-scenario markets.
What to watch next?
The concentration of top quant funds in the allocation signals strong institutional conviction about CXMT's post-listing trajectory.
Only one offline investor — an asset-management plan under Shanghai Orient Futures — abandoned its subscription. Every other participant completed payment.
In plain terms = almost nobody walked away, and institutional sentiment is broadly bullish. But the real test comes in the secondary market — whether the stock can sustain this valuation after listing is the moment that proves or disproves the thesis.
Content is for reference only, not financial advice.