Did Lei Jun make a staggering 700 million yuan in just one day by subscribing for new shares of Changxin Technology? Senior executives of Xiaomi responded to the related claim.

On July 28, the second trading day after CX Technology's listing on the STAR Market, its opening price stood at 45.22 yuan. As of press time, the price was 48.72 yuan, down 0.57%, with a market capitalization of 3.26 trillion yuan.

Just yesterday, this leading domestic DRAM enterprise was officially listed on the STAR Market. Its debut refreshed multiple historical A-share records, with a full-day trading volume of 141.187 billion yuan, making it the first stock in A-share history to exceed 100 billion yuan in single-day trading. This allowed all strategic placement shareholders to reap huge book gains, including Lei Jun, the founder of Xiaomi.

According to the announcement on the initial offline placement results disclosed by CX Technology on July 20, Wuhan 1810 Enterprise Management Co., Ltd. (hereinafter referred to as "1810"), a wholly-owned subsidiary of Xiaomi, was shortlisted for the strategic placement list, with 18.2448 million shares allocated. Based on the issue price, the total investment was approximately 158 million yuan.

Tianyancha information shows that 1810 was established in 2021. It is an enterprise mainly engaged in the business service industry, with a registered capital of 53 billion yuan and a paid-in capital of 37.857 billion yuan. The controlling shareholder of this company is Xiaomi Technology Co., Ltd., and Lei Jun holds 97.48% of the shares of Xiaomi Technology. Calculated on this basis, Lei Jun's floating profit through 1810 on the first trading day of CX Technology's listing reached 717 million yuan.

However, on the morning of July 28, Xu Jieyun, Special Assistant to the Chairman of Xiaomi Group and Deputy General Manager of the Strategic Marketing Department, responded: "Friends can just take it as a lighthearted read, don't take it too seriously. Actually, it can't be calculated this way. This is a corporate investment behavior, and the specific subsidiary entity cannot be mixed with personal wealth. Besides, once again, I wish CX all the best."

Image source: Xu Jieyun's personal Weibo

Alibaba and NIO also benefited from participating in the new share offering of CX Technology. Alibaba Group holds nearly 5% of the shares in CX Technology through two entities, with a total cumulative investment of approximately 7.6 billion yuan. Calculated based on the latest market capitalization on the first trading day of listing, the value of Alibaba's equity holding has exceeded 170 billion yuan, with a floating profit of over 160 billion yuan and a total return multiple of more than 20 times.

In fact, Alibaba participated in the investment of CX Technology as early as December 2021. At that time, Alibaba (China) Co., Ltd. invested about 1.5 billion yuan to obtain approximately 1.12% of the shares in CX Technology. In June 2026, Alibaba took out another 6.1 billion yuan through its subsidiary Zhejiang Alibaba Cloud Computing Co., Ltd. to participate in the capital increase and share expansion of CX Technology, raising its total shareholding ratio to nearly 5%. Alibaba Cloud thus became the sixth largest shareholder of CX Technology and the largest industrial investor in the last round before IPO.

NIO appeared on the IPO strategic placement list of CX Technology, with a promised subscription amount of 158 million yuan, a lock-up period of 18 months, and a subscription of approximately 18.2448 million shares. Calculated based on CX Technology's closing price of 49 yuan per share on July 27, NIO's book floating profit is about 740 million yuan, with a return rate of over 465%.

In response to the news that "NIO has become a strategic investor of CX Technology", Li Bin, Chairman of NIO, told the media that the current cooperation is progressing smoothly, and the cooperation with CX Technology helps stabilize NIO's supply chain. Li Bin himself also attended the appreciation dinner hosted by CX Technology recently.

Headquartered in Hefei, Anhui Province, CX Technology has three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, the company is the top DRAM manufacturer in China and the fourth largest in the world.

It is worth noting that Hefei State-owned Capital had already started to lay out the integrated circuit industry before CX Technology was established. In 2013, Hefei city issued the integrated circuit industry development plan, proposing for the first time to build a highly influential "China Silicon Valley". The listing of CX Technology has enabled Hefei to achieve a historic leap in integrated circuit industry investment, bringing more than 1 trillion yuan in floating profits to Hefei State-owned Capital. The total A-share market value of Hefei has exceeded 4 trillion yuan, making it the second city in the Yangtze River Delta in terms of A-share market capitalization.

Inside CX Technology, 14 directors, senior management personnel, core technical personnel and their close relatives collectively hold 2.034 billion shares indirectly. Calculated at the closing price of 49 yuan per share, the total market value of their shareholdings reached 99.666 billion yuan.

Banks and insurance institutions that bet on CX Technology have also reaped considerable profits. Five major state-owned banks invested in CX Technology through AIC and their subsidiaries' funds. Agricultural Bank of China Financial Investment, China Construction Bank Investment, ICBC Financial Asset Investment, BOC Asset Management, and Bank of Communications Financial Investment hold approximately 574 million shares, 498 million shares, 383 million shares, 230 million shares, and 230 million shares respectively, totaling about 1.915 billion shares. In addition, China Merchants Bank, Pudong Development Bank, and Huishang Bank also hold equity through participating in funds. The potential appreciation of shareholdings by this group of banks exceeds 100 billion yuan.

For insurance companies, Hexie Health holds 901 million shares, China Life Investment 476 million shares, PICC Capital 467 million shares, Sunshine Life 225 million shares, China Post Life 225 million shares, and PICC Sci-Tech Innovation 90 million shares, totaling about 2.384 billion shares, with a value also exceeding 100 billion yuan.

However, some enterprises unfortunately missed out. Market information shows that Country Garden once held a small amount of equity in CX Technology during its financing stage. Due to its own debt liquidity pressure, it liquidated all its shares on the eve of the IPO, directly missing out on nearly 50 billion yuan in potential book gains.

It should be noted that the shares placed this time have a relatively long lock-up period. The book floating profits of Lei Jun and the Xiaomi ecosystem, banking and insurance institutions, and internet giants are only static calculated values. Subsequent stock price fluctuations will directly affect the final actual realized returns.

According to another report by Da Wan News, in response to the heated online discussions about CX Technology, an employee of CX Technology said: "We just keep a calm mind. No matter what is said online, it doesn't have much to do with us ordinary employees. What we ordinary employees care more about is whether our future salaries and benefits will change."

This article is from "Jiemian News", reporter: Song Jianan, published with authorization by 36Kr.