Cxmt Corporation's debut day on the stock market was a spectacle that made many envious. On July 27, the company officially listed on the STAR Market. Its share price hit a high of 55 yuan during the session, surging over 530% from the IPO price of 8.66 yuan, before closing at 49 yuan per share, still up by an impressive 465.82%.
This first-day performance set two records: a trading volume of 141.1 billion yuan, a new single-day record for a single A-share stock, and a total market capitalization of 3.28 trillion yuan, propelling it to the top of the A-share market cap rankings.
If you were lucky enough to get an IPO allotment, selling at the high of 55.03 yuan would have netted you about 23,200 yuan per lot. Congratulations to those who were allocated shares. However, the real story here isn't just about retail investors' small wins.
In this capital carnival, the banking system's capital, which had been strategically positioned well in advance, also emerged as a big winner. But this time, they didn't appear in their traditional role as creditors. Instead, they participated as shareholders and IPO subscribers, becoming key players in this feast.
A Strategy Two Years in the Making, Yielding Over 100 Billion in Paper Profits
Banks' interest in Cxmt Corporation was not a spur-of-the-moment decision but a long-planned move. As early as June 2023, when Cxmt Corporation was established as a joint-stock company, banks like China Construction Bank, Agricultural Bank of China, and China Merchants Bank were already on the shareholder list.
The real heavy bets were placed in June 2024. At a time when DRAM prices had halved and the company was still reporting losses, causing market-oriented institutions to retreat, the five major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications—collectively stepped in against the market trend. They invested a total of 3.9 billion yuan at an average price of 2.61 yuan per share.
This "patient capital" invested in the depths of winter has now finally borne fruit. According to incomplete statistics from the prospectus and public information, the five major state-owned banks and China Merchants Bank collectively held about 4.2% of Cxmt Corporation's total share capital before the IPO.
Among them, China Construction Bank held stakes through multiple channels, including CCB Investment, CCB International, and CCB Linghang, with a total stake of about 1.7% after look-through, the largest investment among the banking group. Agricultural Bank of China held about 0.95% through ABC Investment, the highest single AIC stake. China Merchants Bank held about 0.29% indirectly through CMB Cloud Pavilion.
Based on the closing price of 49 yuan per share on the first day of listing, the combined stake of about 2.8 billion shares held by these six banks after look-through was valued at approximately 137.2 billion yuan. Compared to their initial investment costs, the paper profit is substantial.
Calculations from Everbright Securities also confirm the value of this investment. In various scenarios simulating Cxmt Corporation's post-IPO market capitalization ranging from 1 trillion to 7 trillion yuan, the equity appreciation accounts for 0.3% to 10% of the six banks' total 2025 revenue. This is not just about making money; it's a textbook case of "patient capital" in action.
The Way Banks Provide Capital is Quietly Transforming
Honestly, more noteworthy than the 100 billion yuan in paper profits is the shift in the banks' role. They are moving from being behind-the-scenes "lenders" to becoming front-and-center "investors."
This transformation is driven by the times. The slowdown in credit growth is a clear trend, and the traditional model of relying on interest spreads and collateral is increasingly ill-suited to meet the real financing needs of tech companies. As PBOC Governor Pan Gongsheng has noted, the risk profiles and financial demands of tech companies at different growth stages vary greatly, requiring a diverse and vibrant financial market and ecosystem.
Consequently, banks are changing their playbook. Through platforms like AICs and wealth management subsidiaries, they are building a full-lifecycle "equity + debt" service capability. In the primary market, AICs use equity investments to accompany companies through economic cycles. In the secondary market, wealth management funds participate in capital operations through IPO subscriptions and private placements. The parent bank provides supporting services like project loans and supply chain financing, creating a coordinated synergy.
As the company grows, credit and bond issuance can follow. This "investment-loan linkage" model transforms the bank from a mere debt collector into a partner accompanying the tech company throughout its growth journey.
The successful IPO of Cxmt Corporation serves as a viable blueprint for all banking capital looking to invest in hard tech. Patience is no longer just a slogan; it's real money that can be cashed in. In fact, Cxmt is just the tip of the iceberg. Look at the shareholder lists of other tech giants like Yangtze Memory Technologies, Moore Threads, Deep Blue Auto, and Haining Jinko; you will almost always find the shadow of a bank's AIC.
Don't Celebrate Too Soon; Pitfalls Are Not Entirely Absent
Of course, this path is not as smooth as it seems. For funds using wealth management subsidiaries to subscribe to IPOs, they must maintain a 60 million yuan underlying position in both the Shanghai and Shenzhen stock exchanges for offline subscriptions. If the market turns, losses on the underlying position could wipe out the profits from IPO subscriptions.
For AICs, post-lockup share price volatility, internal performance evaluation pressure, and market sentiment all test the true mettle of this so-called "patient capital."
However, one AIC insider made a significant point: for these tech giants, the AIC will not simply sell its stake upon listing. Instead, it will dynamically adjust its holdings in line with the national strategy and the company's own pace. This willingness to stay the course for the long term may be the true essence of "patient capital."
Cxmt Corporation's IPO bell has shown everyone a different side of banks. They are not just capable of lending; they can also be patient shareholders. They are not just seeking stability; they are also willing to invest against the trend during the coldest times. As more and more banking capital completes the transition from "creditor" to "shareholder," China's tech-finance ecosystem may be on the verge of a deeper restructuring. And this development is arguably more worthy of our attention than the hundreds of billions in paper profits.
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