Field Visit to Changxin Technology Hefei Headquarters: Industrial Park Growth Drives Changgang CBD Prosperity, Grassroots Employees Witness Wealth Creation Myth as Onlookers

The stock price boom is currently irrelevant to rank-and-file employees.

"How many shares does he hold?"

"50,000 shares."

"That's a total windfall!"

"But they can't be sold until three years later..."

At 11:45 on July 27, a Times Weekly reporter overheard employees having this conversation while dining near the Hefei headquarters of Changxin Technology (688825.SH).

All of them were wearing blue employee badges, with the distinct "CXMT" logo clearly printed on the lanyards, making them instantly recognizable as staff of Changxin Technology.

On July 27, Changxin Technology's stock price surged by more than 5 times at market opening. By the close of trading, it stood at 49 yuan per share, with a market capitalization of 3.28 trillion yuan, instantly making it the most valuable listed company on the A-share market.

However, this stock price boom has no immediate benefit for frontline employees. A staff member revealed to the Times Weekly reporter that the company's equity incentive program has a clear rank threshold: only employees at the section chief level (Grade 9 or above) are eligible to participate, while most ordinary employees hold ranks 11 and 12.

Changxin Technology also exercises extremely strict control over external information. After attempting to contact employees for interviews through multiple channels, the reporter found that most people responded that "our supervisors have explicitly instructed us not to accept any external interviews", and unauthorized interviews could lead to dismissal in serious cases.

When the reporter tried to take photos at the park entrance, security guards from multiple areas stepped forward to stop them, explicitly prohibiting photography. Even a passerby smoking at the gate was approached and asked to extinguish their cigarette by security staff.

Strict park management has not stopped the pace of industrial spillover, and Changxin Technology has effectively driven the development of the surrounding area.

The Times Weekly reporter's on-site visits found that restaurants on the commercial street southeast of the park are constantly crowded with customers, supporting commercial facilities on the north side are under construction, and a large number of migrant workers are gathered at the Phase II construction site to the west. The entire area has transformed from a desolate construction site into a bustling commercial district, with housing prices rising to 10,000 yuan per square meter.

Hefei's Chip Giant: The Wealth Creation Myth in the Eyes of Frontline Employees

After the market hype of the first listing day faded, the work rhythm and daily management inside the Changxin Technology park continue to operate along their established routine.

Like most enterprises in Hefei, Changxin Technology's official work start time is 8:30 a.m.

By 9 a.m., the parking lot inside the park was already completely full, and non-motor vehicle parking spots in the park's bicycle shelters and along the surrounding roadside were packed with electric scooters.

△ Source: Photo by Times Weekly

"Most of us have to hand in our phones during work hours," an employee told the Times Weekly reporter. Staff working in R&D departments and wafer workshops are required to submit their mobile phones — the workshop rule is for dust-free production requirements, while the technical post rule is for confidentiality purposes; once you enter the R&D zone, all mobile phones must be stored in a unified designated location.

"Working hours are roughly similar too: we work until 11:30 a.m., then take a lunch break that ends at 1 p.m.," the aforementioned employee added.

Overtime is the norm in the semiconductor industry, and Changxin Technology is no exception.

"It's standard for R&D staff to work overtime until 9 or 10 p.m., and we also arrange on-duty shifts on weekends to ensure someone is on site every day. Some people also come to the office voluntarily on weekends to finish their pending work," an employee disclosed. Overtime work is not paid directly as overtime wages, but is instead factored into quarterly bonuses and performance-based pay.

According to Changxin Technology employees, the company's rank classification system is very detailed: new undergraduate recruits start at Grade 12, new master's degree recruits start at Grade 11, and each rank is further divided into two sub-levels A and B, with Grade 9 being the section chief level.

In terms of salary, "It doesn't reach 300,000 yuan per year, but it's definitely over 200,000 yuan, which is considered a relatively high income level in Hefei," multiple employees confirmed.

In response to widespread online rumors about Changxin employees "buying properties in groups", "a wealth creation myth" and "net worth exceeding one million yuan", interviewed Changxin employee Wang Ming (pseudonym) stated that "the stock price boom of Changxin Technology has no immediate benefit for frontline employees".

A staff member revealed to the Times Weekly reporter that the company's equity incentive program has a clear rank threshold: only employees at the section chief level (Grade 9 or above) are eligible to participate, while most ordinary employees hold ranks 11 and 12.

"We have only been employed for a short time, and there are clear rank restrictions in place — only after reaching the corresponding level can you be eligible to purchase company stock," the employee said. When asked if the subscription is processed through an employee shareholding platform, he noted that he has no access to relevant information and is not aware of the details.

Continuously Expanding Factory Zones: Transforming the Area from Construction Sites to Industrial Parks

Apart from the already operational production lines and R&D buildings, Changxin Technology's expansion efforts are still ongoing.

The aforementioned employee told the reporter that he previously worked at a different location and only moved to the current park last year. Newly constructed factory buildings are scheduled to be completed by the end of this year, and the wafer production plant will be located right next to the R&D building.