A professor from Huazhong University of Science and Technology went public with an IPO, and the stock price soared by 1,500% on the first day. Early investors made a staggering 560-fold profit.

A new stock has pushed the sentiment of the entire STAR Market to the extreme.

Today, Wuhan Changjin Photonics Technology Co., Ltd. officially listed on the STAR Market of the Shanghai Stock Exchange. The company's issue price was 40.98 yuan, and it opened at 530 yuan, a rise of 1193%. During the session, it continued to soar, reaching a maximum of 688.88 yuan, with a gain of up to 1581% at one point.

As of the close, the stock price closed at 659.99 yuan, a rise of 1510.52%, and the market value reached 61.821 billion yuan. This is the new stock with the highest increase in the A-share market since the beginning of the year. The maximum profit for one winning lottery ticket exceeded 320,000 yuan.

Of course, the early investors were the ones who profited the most. According to data from CVSource of CVCapital, among the 16 institutions behind Changjin Photonics, those that entered before April 2021 all achieved a return of over 100 times. The earliest investor, JPT Opto-electronics Co., Ltd., held for 6 years and achieved a return of 567 times. The equity value was 5.676 billion yuan, making it the biggest winner in this round of listing.

01. The Journey of Chasing Light by a Professor from Huazhong University of Science and Technology

Behind Changjin Photonics is a 70s professor from Huazhong University of Science and Technology's 14-year journey of chasing light.

The founder, Li Jinyan, was born in 1972. He graduated from Wuhan University of Technology with a bachelor's and master's degree and obtained a doctorate from the Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences. Since 2001, he has successively served as a senior R & D engineer and R & D department manager at FiberHome Telecommunication Technologies Co., Ltd. and FiberHome Fujikura Optical Fiber Co., Ltd., gaining seven years of experience in the front line of the industry. In November 2008, he entered the Wuhan National Laboratory for Optoelectronics at Huazhong University of Science and Technology, serving as a professor and doctoral supervisor, and was in charge of the fiber laser technology team.

His experiences in both enterprises and universities, covering both industry and academia, made him more aware than anyone else of the deep dependence of the domestic laser industry on overseas special fiber technology.

On July 11, 2012, Li Jinyan, Liu Changbo, and Li Haiqing founded Changjin Co., Ltd. in Wuhan Optics Valley with a registered capital of 1 million yuan. At the beginning of the startup, it was a small team of only a few people, and the core technology originated from the research results of Professor Li Jinyan's team at Huazhong University of Science and Technology.

They have been at it for 14 years.

In July 2025, Li Jinyan went through the procedures for leaving his post to start a business and took full - time charge of the company to promote the IPO process. Today, the market has responded to this perseverance with a 1500% increase.

The core product of Changjin Photonics is rare - earth - doped fiber. This is the core material in the upstream of the laser industry chain and is known as the "heart" of the laser. From industrial laser cutting tools to laser satellite communication in commercial space, it is indispensable.

This field has long been monopolized by European and American enterprises. Changjin Photonics' breakthrough has made it one of the few domestic manufacturers with the R & D and industrialization capabilities of high - performance and multi - category special fibers. The company has been successively rated as a national specialized and sophisticated "little giant" enterprise.

02. Six Investors with Over 88 - fold Returns

Changjin Photonics has been quite low - key in the primary market, rarely disclosing financing information. It was not until the sprint for IPO that the prospectus revealed the hidden investment story behind it. According to data from CVSource of CVCapital, there are 16 institutional investors behind Changjin Photonics. Among them, 6 institutions achieved a return of over 88 times.

The biggest winner is JPT Opto - electronics Co., Ltd.

Shenzhen JPT Opto - electronics Co., Ltd. signed an investment agreement in January 2020 and completed the registration of capital increase and shareholding in May of the same year. JPT is the earliest industrial investor in Changjin Photonics and also the second - largest customer of the company. As a listed company on the STAR Market, JPT itself is a leading domestic supplier of lasers and intelligent equipment. This investment has a distinct strategic synergy. When JPT invested, the pre - investment valuation of Changjin Photonics was only 40 million yuan. According to data from CVSource of CVCapital, the equity value held by JPT reached 5.676 billion yuan, with a MOIC of up to 567.56 times and an IRR of 185%. JPT also participated in the strategic placement of Changjin Photonics, with a subscription amount of about 30 million yuan.

The second - biggest winner is Lihe Venture Capital.

Two funds under Lihe Venture Capital participated in the investment in the Series A and Series B+ rounds in January 2021 and the Series B+ round and equity transfer in May 2021. The total equity value held by the two funds reached 4.479 billion yuan, with MOICs of 130.73 times and 117.83 times respectively, and IRRs of 169% and 186% respectively.

Lihe Venture Capital was established in 1999 and is wholly - owned by the Research Institute of Tsinghua University in Shenzhen. It is one of the earliest venture capital institutions with a scientific research institution background in China and has been deeply involved in hard - technology investment for over 20 years.

The third - biggest winner is Jiangsu Wotu Investment.

Jiaxing Wotu Changjin Equity Investment Partnership entered through equity transfer in April 2022. According to data from CVSource of CVCapital, the equity value it holds reached 3.041 billion yuan, with a MOIC of 187.49 times and an IRR as high as 256%.

The fourth - biggest winner is Hubble Investment.

Shenzhen Hubble Technology Investment Partnership entered through the Series B round in August 2022 at an investment price of 57.34 yuan per registered capital, corresponding to a pre - investment valuation of only 430 million yuan. This is an investment platform under Huawei, jointly funded by Huawei Technologies Co., Ltd., Huawei Terminal Co., Ltd., etc. According to data from CVSource of CVCapital, the equity value it holds reached 1.760 billion yuan, with a MOIC of 88 times and an IRR of 231%.

The fifth - biggest winner is Jinkang Yunda.

Wuhan Jinkang Yunda Technology Co., Ltd. entered through the Series A+ round in April 2021. According to data from CVSource of CVCapital, the equity value it holds reached 203 million yuan, with a MOIC of 202.61 times and an IRR of 181%.

In addition to the above 6 institutions with over 88 - fold returns, the return situations of the remaining 10 institutions are also worthy of attention. Including Huagong Investment, China Unicom Venture Capital, Yangtze River Industrial Group, Hillhouse Venture Capital, China Mobile Equity Fund, etc., all obtained returns of over 20 times.

For investors in the primary market, this is another victory in hard - technology investment. JPT's 567 - fold return, Lihe Venture Capital's 130 - fold return, Jiangsu Wotu Investment's 187 - fold return, and Hubble Investment's 88 - fold return. Behind these numbers is the long - term bet of RMB funds on the consensus of domestic substitution.

This article is from the WeChat official account "Beyond the J Curve", author: Jiachuan who loves learning. It is published by 36Kr with authorization.