On October 15, 2026, Chinese semiconductor company Changxin Technologies saw a 5.24% drop in its stock price, causing its total market value to fall below 3 trillion yuan. It slipped from being the top A-share market value to third place. The stock price has dropped nearly 30% from its peak in August, leading to a market value erosion of over 1 trillion yuan in less than two months.
According to reports from “Cai Wen,” Changxin Technologies closed at 43.59 yuan per share that day, with a total market value of around 2.96 trillion yuan. Industrial and Commercial Bank of China had a total market value of about 3.03 trillion yuan, reclaiming the top spot among A-shares, while Construction Bank ranked second with around 3 trillion yuan.
Changxin Technologies issued its shares at 8.66 yuan each and debuted on the Shanghai Stock Exchange’s Sci-Tech Innovation Board on July 27. The stock closed at 49 yuan on the first day, a 465.82% surge, pushing the total market value to around 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China.
On August 17, Changxin Technologies’ stock price further rose to 61.8 yuan, with a total market value of approximately 4.13 trillion yuan. However, it has since continuously declined, falling below 4 trillion yuan and then 3 trillion yuan.
With its initial public offering, Changxin Technologies raised around 66.6 billion yuan, setting a record for the largest fundraising in the history of the Sci-Tech Innovation Board. The trading volume on the first day reached 141.187 billion yuan.
The company is primarily engaged in the research, production, and sales of Dynamic Random Access Memory (DRAM) used in servers, mobile phones, and other devices.
Before and after its listing, some Chinese investors on stock forums have compared Changxin Technologies to PetroChina, which went public in 2007, expressing concerns about being trapped after buying at high prices.
Data released by market research firm Counterpoint in September this year showed that, in terms of revenue, Changxin Storage under Changxin Technologies accounted for approximately 10% of the global DRAM market in the second quarter of this year, ranking fourth.
Changxin Storage has made several announcements about technological advancements and product developments in the past two months, stating that the new generation of mobile phone memory has entered mass production and a new server memory product is expected to be launched by the end of the year. However, the stock price of Changxin Technologies has continued to decline during the same period.
Changxin Storage has also been accused of being involved in the leakage of Samsung’s DRAM core process data. In August this year, an engineer surnamed Quan, who previously worked at Samsung Electronics before participating in the establishment of Changxin Storage, testified in the Seoul Central District Court in South Korea that senior executives of Changxin Storage attempted to obtain Samsung’s 18-nanometer DRAM process data in the company’s early days in 2016.
The Korean prosecution stated that Samsung had spent 5 years and invested approximately 1.6 trillion Korean won in the development of this technology. After the leaked data was modified and validated by Changxin Storage, it was used for mass production of 10-nanometer-level DRAM chips.
Earlier, the Korean prosecution charged Quan and 9 others. Quan was sentenced to 7 years in prison in the first instance on April 22 this year for illegally obtaining and using Samsung’s related technology.