Wuhan 985 is making a fortune
Recently, Wuhan has been in the spotlight.
Riding on the wave of AI, Wuhan's optoelectronic industry, which has been accumulating for years, has witnessed an explosive growth. In the secondary market, companies in Optics Valley such as Yangtze Optical Fibre and Cable, Huagong Technology, Accelink Technologies, FiberHome Telecommunication Technologies, and Guide Infrared have all seen their stock prices double. The latest highlight is Changjin Photonics, whose stock price soared by 1500% on its first day of listing, making it a new ten - bagger stock in Wuhan.
As a result, the investors behind these companies have reaped huge rewards. The most remarkable investment among them actually comes from a university: Years ago, the entrepreneurial idea of Changjin Photonics germinated in a laboratory at Huazhong University of Science and Technology (HUST). And the last investment opportunity before its listing was also given to the HUST group, creating a story of high - return investment.
In the past, when people mentioned the 985 universities in Wuhan, their first impression might have been Wuhan University. However, in the era of hard technology, the HUST legion has made its mark.
Soaring 1500% on the First Day of Listing, the HUST Group Reaps a Huge Reward
The scene is still astonishing in retrospect. Last week, Changjin Photonics, a special optical fiber manufacturer, officially listed on the Science and Technology Innovation Board with an issue price of 40.98 yuan per share. Its stock price soared by over 1500% on the first day, setting a new record for new A - share listings this year. As of now, its latest market value exceeds 63 billion yuan.
So far, the total number of listed companies in Optics Valley has reached 72, with a total market value exceeding 1.6 trillion yuan, which truly reflects the explosive growth of Wuhan's optoelectronic industry.
Behind Changjin Photonics, there is a prominent label - the HUST group. You may not know that Li Jinyan, the helmsman of Changjin Photonics, was once a professor at HUST. Since November 2008, Li Jinyan has served as a professor and doctoral supervisor at the Wuhan National Laboratory for Optoelectronics at HUST and left his position to start a business in July 2025.
It was this experience that made him witness firsthand the domestic industry's heavy reliance on overseas technology. In 2012, Li Jinyan founded Changjin Photonics in Wuhan Optics Valley, leading his team from the laboratory to industrialization.
It can be said that this is a company with a high "HUST content". Among the 8 core technical personnel of the company, 7 are from HUST. As of the end of 2025, Changjin Photonics holds 37 invention patents, of which 12 were transferred from HUST.
After more than a decade of entrepreneurship, these HUST alumni finally got their rewards. They also left the biggest surprise for their alma mater. In June 2025, Huagong Venture Capital acquired 750,000 shares of Changjin Photonics from Huagong Mingde at a price of 24.34 yuan per share. Huagong Venture Capital is one of the few investment platforms still held by directly - affiliated universities of the Ministry of Education. It mainly focuses on the scientific and technological innovation achievements of HUST, specializing in the transformation of scientific and technological achievements and early - stage scientific and technological investments.
This was also the last financing window for the outside world before Changjin Photonics' listing. At that time, Huagong Venture Capital entered Changjin Photonics at a price slightly lower than the previous round. In just one year, the book return of this investment exceeded 30 times.
In addition, another "Optics Valley brother", Huagong Technology, also appears behind Changjin Photonics. The latter is another story of successful scientific and technological achievement transformation at HUST.
Incubated from HUST, Huagong Technology was listed on the Shenzhen Stock Exchange in June 2000, becoming the "first laser stock in China" and the first university - affiliated listed company in Central China. For a long time, Huagong Technology was a school - owned enterprise.
It was not until 2020 that in order to further unleash the growth potential of hard technology, Huagong Technology decided to carry out the reform of separating schools from enterprises and transferred 19% of its shares to Wuhan State - owned Assets Guoheng Fund. Since then, the actual controller of Huagong Technology has been changed to the State - owned Assets Supervision and Administration Commission of Wuhan. In recent years, with the explosive growth of its optical module business, Huagong Technology has entered the fast - lane of development, with a latest market value of about 160 billion yuan.
This has brought real wealth returns to HUST. Currently, Wuhan Huazhong University of Science and Technology Asset Management Co., Ltd., which is 100% owned by HUST, still holds 2% of Huagong Technology's shares. Calculated, the value of these shares exceeds 3 billion yuan.
After years of cultivation, the harvest finally arrives. Such stories are always inspiring.
The Undervalued 985 University in Wuhan
How outstanding is HUST?
In 2000, Huazhong University of Science and Technology was formed by the merger of Huazhong University of Science and Technology, Tongji Medical University, and Wuhan Urban Construction Institute. It is one of the key universities under the "211 Project" and the "985 Project" and is also among the first batch of universities under the "Double First - Class" initiative.
Among the many universities in Hubei, HUST and Wuhan University are the only two 985 universities. However, for a long time, Wuhan University was better known to the outside world, and HUST was often undervalued.
It was not until the arrival of the technological era that HUST, which excels in engineering, came to the center of the stage.
At HUST, there are a number of major national scientific research bases such as the Wuhan National Laboratory for Optoelectronics, the National Center for Pulsed Strong Magnetic Field Science, the National Center for Precision Gravity Measurement Science, and the National Innovation Center for Digital Design and Manufacturing. It also has 7 national key laboratories and 2 national technology innovation centers... providing a continuous stream of talents for scientific and technological research and development.
A set of data is more intuitive: Drawing a circle with a radius of 2.5 kilometers centered on HUST, within an area of nearly 20 square kilometers, there are nearly 40,000 technology - related enterprises.
For many HUST students, the first step after graduation is to start their careers on Guanshan Avenue, which is south of the school gate. Looking around, there are Huagong Technology, Guide Infrared, Juxin Microelectronics, Huayin Optoelectronics, Changjin Photonics... Currently, among the more than 70 listed companies in Optics Valley, more than 10 are founded or controlled by HUST alumni.
The transformation of scientific and technological achievements is in the DNA of HUST. According to the 2025 annual special reward publicity for the transformation of scientific and technological achievements released by Wuhan Optics Valley, HUST ranked first among universities and research institutes with a total bonus of 9.5174 million yuan. HUST has contributed more than half of the "bottleneck" technologies transformed in Optics Valley in recent years.
In this way, a virtuous cycle has been formed: The team conducts core technology research and development at HUST, and then the enterprise realizes industrialization in Optics Valley. Tens of thousands of HUST talents have chosen to stay in Wuhan after graduation, serving as technical backbones in enterprises and researchers in scientific research institutions.
In the meantime, HUST has also started to play a role from the perspective of venture capital. When alumni take the first step in entrepreneurship, it provides real - money support. After sorting out, HUST has directly or indirectly supported the entrepreneurial projects of its alumni such as Huagong Technology, Changjin Photonics, Huazhong CNC, Biochip Corporation, and Huake Cold Core. As you can see, the fruits are starting to be reaped.
Among them, there is also a group of investors who graduated from HUST. They are enthusiastic about supporting their alumni, which is also a highlight in the venture capital circle. Not long ago, the HUST Seed Fund was officially established. This fund will focus on the high - quality innovation achievements of HUST and the entrepreneurship projects of its alumni. Among them, Jiadao Capital contributed as an LP. Its founder, Gong Hongjia, known as the "most outstanding angel investor in China", is a well - known alumnus of HUST.
When together, they are a blazing fire; when apart, they are stars in the sky.
From Cambricon to Zhipu, Universities Reap Big Rewards
This is a unique scene in the technological era.
A new wave of technological revolution is approaching, and disruptive technologies such as artificial intelligence, quantum information, and life science are booming. The source of technological innovation often comes from universities. After a long period of research in the laboratory, these projects have profound technological advantages and are now in their best era.
In the national ranking of the transformation of scientific and technological achievements of universities, Tsinghua University ranks first. Now, Zhipu is bringing a huge reward to Tsinghua. Tracing back, Zhipu originated from the Knowledge Engineering Group (KEG) Laboratory of the Department of Computer Science at Tsinghua University. In 2019, in order to maximize the value of scientific research achievements, Zhipu was established.
With the Tsinghua gene, Zhipu has stood out among many domestic large - model startup companies. In January this year, Zhipu was officially listed on the Hong Kong Stock Exchange, becoming the "first large - model stock in the world". Over the past few months, its stock price has been rising in a spiral, and its market value once approached HK$900 billion. Currently, Huakong Technology, a subsidiary of Tsinghua, holds 3.48% of Zhipu's shares, with a corresponding value of more than HK$20 billion.
Cambricon is still breaking records. Currently, Cambricon's market value is fluctuating around 900 billion yuan. As is well - known, behind Cambricon are two brothers from Jiangxi, Chen Yunji and Chen Tianshi. Their entrepreneurial story has always been a topic of interest to the outside world. The two brothers joined the Institute of Computing Technology of the Chinese Academy of Sciences one after another and devoted themselves to the research and development of AI chips, laying the foundation for the establishment of Cambricon.
As the source of technology, the Institute of Computing Technology of the Chinese Academy of Sciences holds about 15.57% of Cambricon's shares through its wholly - owned platform, CAS Computing Source. Calculated, the corresponding market value exceeds 100 billion yuan.
Scenes like these are the most powerful answers to the significance of the transformation of scientific and technological achievements in universities.
Behind each technological project, there has been a long - term research and development process, and countless scientific research talents have endured years of hardship. Beyond the rewards, it also makes people more convinced that every perseverance will eventually pay off. It is foreseeable that the era of the explosion of university - based technology has arrived.
Just like the old saying goes: The best time to plant a tree was ten years ago. The second - best time is now.
This article is from the WeChat official account "Investment World" (ID: pedaily2012), author: Wu Qiong, published by 36Kr with authorization.