The largest return in the history of RMB funds

The emotions have never been so high.

Changxin Technology's IPO on the Science and Technology Innovation Board will be reviewed this week. On the other hand, YMTC has also initiated IPO counseling. The market predicts that both companies are expected to reach a market value of over one trillion yuan.

The venture capital circle is already looking forward to the day of the IPO listing, which is bound to be a grand and huge return. Naturally, the biggest winners are the local state - owned assets and market - oriented funds that have accompanied the companies all the way.

After all, the grand IPO scene this year is still vivid in our memory: from Shenghe Jingwei to Dapu Micro, and then to Lianxun Instrument, returns in the tens of billions are not rare. A group of RMB funds have received their largest return in history.

Two Trillion - Yuan IPOs with a Crowd of Investors Behind

Let's start with Changxin Technology.

Changxin Technology, the leading domestic DRAM memory chip company, has updated its prospectus for the Science and Technology Innovation Board IPO and officially restarted the listing review process. It plans to raise up to 29.5 billion yuan, ranking as the second - largest IPO project since the launch of the Science and Technology Innovation Board.

An astonishing performance was released - in the first quarter of 2026, Changxin Technology achieved an operating income of 50.8 billion yuan, a year - on - year surge of 719%; the net profit reached an amazing 33 billion yuan, a year - on - year increase of 1268%.

In other words, this Chinese storage giant earns nearly 400 million yuan a day, and its single - quarter profit exceeds that of the entire Science and Technology Innovation Board, which is truly explosive.

With such a remarkable performance, the outside world is even more looking forward to this super IPO. Some institutions estimate that based on the net profit attributable to the parent company of 150 - 200 billion yuan in 2026 and a price - to - earnings ratio of 20 times, Changxin Technology's market value could reach 3 trillion yuan.

Once it goes public, it will be an epic event.

Envious looks are being cast on those who invested early. After sorting out, there is a group of RMB funds behind Changxin Technology: state - owned platforms such as Anhui State - owned Assets, Hefei State - owned Assets, and the National Adjustment Fund; well - known investment institutions such as CICC Capital, Legend Capital, China Merchants Capital, Cornerstone Capital, Hengxu Capital, Yunfeng Fund, Qianhai Mother Fund, Walden International, and CCB International; and Internet giants such as Tencent and Alibaba. Before the IPO, its valuation reached 150 billion yuan.

Almost at the same time, YMTC from Wuhan announced the initiation of IPO counseling filing. As the largest domestic NAND Flash manufacturer, there is also a camp of RMB funds behind YMTC: listed company Yangyuan Drinks, Agricultural Bank of China Financial, China Construction Bank Financial, Bank of Communications Financial, Bank of China Financial, Gongrong Jintou, Xiamen Chentu Huaheng No. 2 Venture Capital, Xiamen Juda No. 2 Investment, Shanghai State - owned Assets, CCTV Media Convergence Industry Investment Fund, China Internet Investment Fund and more than a dozen other local funds.

Public information shows that the parent company of YMTC, Yangtze Memory Technologies Group, was valued at about 160 billion yuan after the shareholding reform in September 2025. Now the market generally expects that after YMTC goes public, its market value will reach at least 500 - 800 billion yuan, and may even exceed one trillion yuan.

From Changxin Technology to YMTC, it is imaginable that an unprecedented super return is coming.

The Venture Capital Circle Has Made a Fortune This Year

This is a rare grand occasion in the A - share market.

The venture capital circle remembers April 16th when Shenzhen Dapu Micro was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, becoming the first unprofitable IPO on the Growth Enterprise Market. The listing was a huge success. Dapu Micro's stock price soared ten times in just 14 trading days, and its latest market value exceeded 370 billion yuan.

A few days later, on April 21st, Shenghe Jingwei from Wuxi Jiangyin was listed on the Science and Technology Innovation Board, creating another 10 - fold new stock. Its latest market value exceeded 350 billion yuan.

Shortly after, the Science and Technology Innovation Board welcomed Lianxun Instrument, a company in the optical module industry. In less than a month after listing, its stock price soared nearly 20 times, and its maximum market value exceeded 200 billion yuan.

In less than ten days, three A - share companies with a market value of over 100 billion yuan were born, and they were all ten - fold stocks.

The steeply rising curve is excitingly dizzying. Looking back at their growth histories, each company has a wonderful return story.

Dapu Micro is quite typical. Founder Yang Yafei spent ten years in research, filling the gap in China's high - end enterprise - level storage main - control chip field. During this period, local venture capital institutions in Shenzhen were almost never absent - Guozhong Capital, Longgang Fund, Qifu Capital, Songhe Capital, Shenzhen Investment Holdings, China Merchants Capital, Zeyi Capital and others accompanied all the way; Shangtang Guoxiang Capital, Yingfu Taike, Shanghai Guosheng Investment Group, Haitong Innovation, Qianshan Capital and others also rushed to invest and all received the highest returns of the year.

Among them, Guozhong Capital achieved a super "home run". From the first - batch exclusive investment around 2017 to four subsequent additional investments, conservatively estimated, the book floating profit of this investment exceeded 20 billion yuan. In addition, an early investment of 80 million yuan by Nanjing Qilin Venture Capital in 2020 has now become a super deal with a book floating profit of over 15 billion yuan.

Shenghe Jingwei raised a total of about 5 billion yuan, making it the company with the largest fundraising amount in the A - share market this year.

Before going public, it set off a financing storm in the primary market: China Merchants Bank International, CICC Capital, Yuanhe Houwang, Yuanhe Puhua, Walden International, Guofang Capital, Shenzhen Venture Capital, Jinpu Guotiao, Legend Capital, Golden Stone Investment, Yingce Capital, Lanpu Venture Capital, Shangqi Capital, SMIC Xicheng, Shenzhen Yuanzhi, SMIC Juyuan, Hengxu Capital, Wuxi Industrial Development Fund, Jiangyin Binjiang Chengyuan Investment Group, Futeng Capital under Shanghai State - owned Investment Corporation, Shanghai International Group, Xinxin Fund of Shanghai Lingang New Area Management Committee and Lingang Group Digital Science Fund, as well as the Social Security Fund Zhongguancun Independent Innovation Fund, China Life Equity Investment, etc. The long list is astonishing.

There is also Lianxun Instrument, which brought generous returns to a group of local funds such as Yida Capital, Yongxin Ark, Silicon Port Capital, Suzhou High - tech Investment, Xingcheng Capital, SMIC Juyuan, and Chinese Academy of Sciences Holdings. Among them, the floating profit of Yida Capital's investment exceeded 200 times.

The venture capital circle has not seen such a dense wave of super returns for a long time.

A Big Year for RMB Fund Returns

This is even more of a victory for a group.

For a long time, there has been a narrative in the primary market: RMB funds can't make big money. I still remember a sigh from a local venture capital tycoon: "American funds can even cover the cost with one super - return project in one fund - raising period, but RMB funds can't. They don't have such high absolute returns."

In that era, return myths often came from US - dollar funds. They could earn tens of billions of US dollars from a single investment, and their investment stories were always exciting. What about RMB funds? They invest in manufacturing, semiconductors, equipment, and materials. For one project, they have to wait for ten years, and in the middle, they have to go through technological breakthroughs, production - line ramps, and cyclical fluctuations.

It's slow and not very exciting.

"In the past 20 years, US - dollar funds and RMB funds have been competing on the same stage. The most profitable case is still ByteDance. SIG created a glorious record through this one project." The head of an established RMB fund once asked himself, "Will there be returns of hundreds of billions of RMB in the next 20 years? Maybe this is an elusive goal."

In comparison, the investors of RMB funds are filled with complex emotions - envy, helplessness, and a bit of unwillingness.

With the global industrial re - evaluation, the technological capabilities that Chinese technology companies have silently accumulated in the past decade have found an outlet in the AI era. Especially this year, those once - considered "too difficult, too slow, and too money - burning" niche tracks have finally reached an inflection point and become the most sought - after targets in the capital market.

Quietly, the narrative has changed. In this IPO wave driven by AI computing power and supported by domestic substitution, RMB funds are undoubtedly the biggest winners.

Looking back at that long list, they have different styles and paths, but they all did one thing right: when domestic semiconductors were least favored, they chose to believe and accompanied the companies in "sitting on the cold bench" for ten years or even longer until this moment.

In this situation, some people believe that this is the "national fortune", but the deeper truth is often simple - slow money is the biggest money, because the gifts of time will not be absent.

This article is from the WeChat official account "Investment Circle" (ID: pedaily2012), author: Zhou Jiali, published by 36Kr with authorization.