This year's largest A-share IPO, from memory chip maker Cxmt Corporation (688825), delivered a massive payday for private placement participants.
On July 27, Cxmt Corporation closed at 49 yuan per share, surging 465.82% from its issue price. This gave the company a market capitalization of 3.28 trillion yuan, making it the most valuable listed company on the A-share market. The stock opened with a gain of 471.59%, briefly pushing its market cap above 3.3 trillion yuan. Total trading volume for the day reached 141.187 billion yuan, with a turnover rate of 66.4%.
According to Cxmt Corporation's previously announced IPO results, 2,459 products from 113 private funds were allocated shares in the institutional placement. These funds received a total of 161 million shares, with an allocation value of 1.436 billion yuan. Based on the closing price of 49 yuan, the total first-day book profit for these private funds from the IPO was approximately 6.509 billion yuan.
Public filings show that institutional investors are divided into two categories: Class A (public funds, social security funds, pension funds, annuities, wealth management products, insurance, and QFII) and Class B (private funds, brokerages' proprietary trading, trusts, and financial companies). Class A investors, primarily public funds, received 1.978 billion shares, accounting for 91% of the total institutional placement. Class B investors, mainly private funds, received 196 million shares, representing only 9% of the institutional placement.
Among the private funds, the top ten by allocated shares were all leading quantitative firms. Four of these firms received allocations exceeding 10 million shares each. Ubiquant Investment topped the list with 15.3996 million shares across 194 accounts, for a total allocation value of 133.4 million yuan and a first-day book profit of about 621 million yuan. High-Flyer Quant, Shanghai Yanfu Investment Management, and Century Frontier Asset Management received 15.3542 million, 15.3512 million, and 15.0033 million shares, respectively, generating first-day book profits of roughly 619 million yuan, 619 million yuan, and 605 million yuan. Shanghai Yanfu had 282 accounts allocated shares, the most among the top quantitative firms.
These four leading quantitative funds collectively received 61.1083 million shares, with a total allocation value of about 529 million yuan. This accounted for roughly one-third of all shares allocated to private funds, and their combined first-day paper profit was approximately 2.465 billion yuan.
Other private funds receiving over 5 million shares included Minghong Investment (8.9227 million shares, profit of 360 million yuan), Shanghai Chengqi Investment Management (8.5307 million shares, profit of 344 million yuan), Shanghai Jiaqi Investment Management (6.4125 million shares, profit of 259 million yuan), and Shanghai Jinde Asset Management (5.8817 million shares, profit of 237 million yuan).
Fundamental-driven private funds like Ningquan Asset, Chongyang Investment, and Panjing Investment also appeared on the list with significant allocations. Ningquan Asset's 11 accounts received a total of 2.2079 million shares, resulting in a paper gain of about 89.0667 million yuan. Chongyang Investment and Panjing Investment received 1.6526 million shares (profit of 66.6659 million yuan) and 1.5799 million shares (profit of 63.7332 million yuan), respectively.
Notably, Liang Wenfeng, the founder of DeepSeek and a prominent private equity figure, secured the largest share allocation among all private fund managers. Public information shows that Liang Wenfeng is the ultimate controller of both Ningbo High-Flyer Quant and Zhejiang Jiuzhang Asset, two top-tier, 10-billion-yuan scale private funds. Ningbo High-Flyer Quant had 153 products allocated shares, including funds like the High-Flyer 500 Index Enhanced Xinxiang No. 16 Fund, the High-Flyer CSI 300 Universal No. 1 Fund, and the High-Flyer Quant 1000 Index Exclusive No. 14 Phase 2 Fund. These products received a total of approximately 15.3542 million shares, with an allocation value of about 133 million yuan.
Additionally, Liang Wenfeng's other firm, Zhejiang Jiuzhang Asset, had 41 products allocated a total of 4.895 million shares, with an allocation value of about 42 million yuan. In total, Liang Wenfeng's two funds had 194 products allocated 20.2497 million shares, with a combined allocation value of roughly 175 million yuan. Based on Cxmt Corporation's closing price of 49 yuan, Liang Wenfeng's products generated a first-day paper profit of approximately 816 million yuan.
Public information confirms that Cxmt Corporation is a major domestic manufacturer of memory chips, with its business highly concentrated on DRAM products. The company has achieved mass production of full-line DRAM products including DDR4, DDR5, LPDDR4X, and LPDDR5/5X. Its core product technology is internationally competitive, serving mainstream markets such as servers, mobile devices, and smart cars.
According to the previously disclosed IPO schedule and preliminary inquiry announcement, the issue price for Cxmt Corporation was set at 8.66 yuan per share. The initial number of shares issued was 6.688 billion, representing about 10% of the post-issuance total share capital. The final strategic placement was 1.667 billion shares. The final lottery rate for the online offering was approximately 0.47141739%. Online investors subscribed for and paid for 3.844 billion shares but renounced 6.5862 million shares. Institutional investors subscribed for and paid for 2.173 billion shares but renounced 31,500 shares.
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