Cxmt Corporation (SSE: 688825), a leading domestic DRAM manufacturer, made its debut on the STAR Market on July 27, with an issuance price of 8.66 yuan per share, marking the largest IPO in terms of fundraising scale on the board. On its first trading day, the stock opened at 49.5 yuan per share, surging 471.59% from the issue price. It briefly touched above 53 yuan during the session, representing a gain of over 530%. By the close, shares settled at 49.00 yuan per share, up approximately 465.82% from the issue price, propelling the company to the top spot as the highest market capitalization stock on the A-share market.
As a key player in the domestic memory chip sector, the listing of Cxmt Corporation attracted participation from insurance and banking institutions. These entities deployed capital through various channels, including IPO strategic placement, offline book-building, and equity investments. Based on the closing price on the first trading day, the book value of related investments saw a significant increase.
Overall, combining pre-IPO equity investments and IPO-stage participation, the book value of insurance funds' involvement in Cxmt Corporation increased by approximately 142.7 billion yuan as of the July 27 close. However, this calculation is based on the issue price, closing price, and publicly disclosed shareholding data, and does not represent the actual investment returns for insurance institutions.
In the strategic placement list, four insurers—PICC Property and Casualty Company Limited, China Life Insurance Company Limited, China Post Life Insurance Co., Ltd., and Taikang Life Insurance Co., Ltd.—each received an allocation of approximately 11.5473 million shares, corresponding to an allocation amount of about 100 million yuan, with a lock-up period of 18 months. Based on the first-day closing price, the market value of these holdings for each insurer is approximately 566 million yuan, representing a book value increase of about 466 million yuan over the cost at the issue price. The combined book value increase for the four insurers is approximately 1.86 billion yuan. Due to the lock-up period on strategic placement shares, this increase remains a paper gain and not a realized profit.
Beyond strategic placements, insurance institutions also participated in the offering through offline book-building. According to the preliminary allocation list for offline investors, 19 insurance asset management companies, 6 pension insurance companies, and 7 life insurance companies participated in the offline subscription. The 19 insurance asset management firms, including Allianz Insurance Asset Management, Dajia Asset Management, Taikang Asset Management, Huatai Asset Management, Ping An Asset Management, CPIC Asset Management, and China Re Asset Management, collectively received allocations totaling approximately 2.872 billion yuan. The 6 pension insurance companies, such as China Life Pension, Ping An Pension, Xinhua Pension, Changjiang Pension, PICC Pension, and Taiping Pension, received combined allocations of about 2.661 billion yuan. The 7 life insurance companies, including Aviva-COFCO Life, Guolian Life, Heng An Standard Life Insurance, Lian Life Insurance, Happy Life Insurance, BOB-CARDIF Life Insurance, and Huizhong Life Insurance, received total allocations of approximately 132 million yuan. The total offline allocation amount for these three categories of insurance institutions was about 5.665 billion yuan. Based on the issue price as cost and the first-day closing price, the corresponding market value of these holdings is approximately 32.02 billion yuan, resulting in a book value increase of about 26.35 billion yuan. It is important to note that the sources of funds for these institutions vary; some insurance asset management products may include bank entrusted funds, basic pension funds, occupational annuities, corporate annuities, and pension products, which are not equivalent to the insurers' own capital.
In addition to participating in the IPO strategic placement and offline book-building, some insurance institutions had already invested in Cxmt Corporation through equity investments at an earlier stage. The prospectus shows that shareholders such as Hexie Health Insurance, Guoshou Investment, PICC Capital, Sunshine Life Insurance, China Post Life Insurance, and PICC Ke-Chuang collectively hold approximately 2.385 billion shares of Cxmt Corporation, corresponding to a capital contribution of about 2.385 billion yuan. Based on the first-day closing price of 49.00 yuan per share, the market value of these shares is approximately 116.9 billion yuan.
On the banking side, several major lenders invested in Cxmt Corporation through their financial asset investment companies (AICs) and indirect financial investments, while multiple wealth management subsidiaries participated in the IPO subscription. Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications all invested via their AICs. According to the prospectus, as of June 27, 2025, China Construction Bank held 0.83% and 0.68% of Cxmt Corporation shares through its wholly-owned subsidiaries CCB Principal Asset Management and CCB International. Agricultural Bank of China held 0.95% of shares through ABC International Capital. Industrial and Commercial Bank of China held 0.64% via ICBC Financial Leasing. Bank of China and Bank of Communications held 0.38% each through BOC International and BOCOM Financial, respectively.
Research from the Guolian Minsheng Bank team estimates that after penetrating the equity holdings, in addition to their AIC holdings, China Construction Bank, Agricultural Bank of China, and Bank of Communications also indirectly hold some shares of Cxmt Corporation through financial investments. China Merchants Bank, Shanghai Pudong Development Bank, and Huishang Bank also hold indirect stakes. In total, eight listed banks have a penetrating shareholding in Cxmt Corporation, with holdings as follows: China Construction Bank (1.714%), Agricultural Bank of China (0.951%), Industrial and Commercial Bank of China (0.640%), Bank of Communications (0.381%), Bank of China (0.380%), China Merchants Bank (0.225%), Huishang Bank (0.152%), and Shanghai Pudong Development Bank (0.008%). The combined penetrating shareholding of these banks is approximately 4.5%. Based on a rough calculation using the first-day closing price of 49.00 yuan per share, the market value of these banks' holdings has reached as high as 132.3 billion yuan.
Furthermore, according to the preliminary allocation list for offline investors, five wealth management subsidiaries—Minsheng Wealth Management (1 product), Ningbo Bank Wealth Management (19 products), Industrial Bank Wealth Management (4 products), Bank of Nanjing Wealth Management (2 products), and China Post Wealth Management (3 products)—participated in the subscription with a total of 29 wealth management products. They ultimately received allocations of over 4.54 million shares, with an allocation amount exceeding 39.35 million yuan. Based on the first-day closing price of 49 yuan per share, the market value of these five wealth management subsidiaries' holdings exceeds 222 million yuan.
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