China's ChiNext Board Sees 57 Stocks Surge Over 1,000% in 11 Years, Top Performer Soars 28,800%

On April 15, the ChiNext Index opened 1.06% higher at 3,596.08 points, surpassing the previous high of 3,576.12 set on July 22, 2021, and reaching its highest level since June 19, 2015.

Although the index retreated in the afternoon session, this milestone breakthrough still captured significant market attention. As the ChiNext Index hit a new 11-year high, a group of resilient "long-distance runners" within the board also came into focus.

Statistics show that over the past 11 years, from June 19, 2015, to April 14, 2026, 57 stocks on the ChiNext Board have delivered returns exceeding 1,000%. Among them, New Essex, a leader in optical communication, topped the list with a staggering gain of over 28,800%, making it the standout performer in this extended bull run.

Sector-wise, the 57 ten-baggers exhibit a distinct "hard tech" characteristic. The electronics sector leads with 17 such stocks, followed by the communications sector with 10, together accounting for 47.3% of the total. When including machinery equipment (9 stocks) and power equipment (7 stocks) under the broader tech manufacturing umbrella, the top four sectors represent over 75% of the ten-baggers.

Notably, the communications sector dominates the top five gainers, with four spots. New Essex leads with a 28,830.17% surge; Changchuan Technology ranks second with a 9,713.08% increase; Changxin Bocon, Zhongji Innolight, and Guangku Technology follow with gains of 5,425.02%, 5,076.47%, and 4,609.63%, respectively.

From a market capitalization perspective, the 57 ten-baggers show a pattern of large-cap leaders driving the trend, with mid- and small-caps following. CATL tops the list with a market cap of 1,989.108 billion yuan, followed by Zhongji Innolight at 858.894 billion yuan and New Essex at 516.885 billion yuan. It is noteworthy that eight of the top ten companies by market cap belong to the electronics and communications sectors, all of which are leaders in their respective niches.

The rise of the semiconductor sector is largely driven by independent innovation. Among the 17 ten-baggers in the electronics sector, names like Changchuan Technology, Jiangfeng Electron, and Sgmicro frequently appear across key segments of the semiconductor supply chain. These companies specialize in semiconductor testing, equipment materials, and analog chip design, positioning them as direct beneficiaries of the recent wave of "independent innovation."

The SEMICON CHINA 2026 exhibition, held in Shanghai from March 25 to 27, 2026, served as a key window into China's semiconductor industry development. According to a CITIC Securities report, the event attracted over 1,500 exhibitors and 180,000 professional visitors, with domestic firms accounting for about 80% of participants. Compared to previous editions, the presence and display efforts of overseas companies notably diminished, highlighting the growing prominence of local players.

CITIC Securities noted that as breakthroughs occur across the entire chain of domestic semiconductor equipment, components, and materials, and advanced process products enter mass production, reliance on foreign technology continues to decline, with local firms becoming the core drivers of industry growth. It is further expected that leading domestic wafer fabs will continue expanding production capacity, accelerating the construction of advanced process lines, which will create substantial market opportunities for local equipment and material suppliers and further propel independent innovation. Long-term, driven by demand from AI computing, advanced storage, and new energy, China's semiconductor sector is poised to maintain high growth, with independent innovation being the most certain theme. Local companies, leveraging technological breakthroughs, cost advantages, and service capabilities, are likely to secure a more significant role in the global semiconductor landscape, unlocking sustained growth opportunities.

The communications sector is largely dominated by the "optical module" theme. Top performers like New Essex, Zhongji Innolight, TFC Optical Communication, and Guangku Technology, often dubbed "shovel sellers in the AI era," are key global suppliers of core components for AI data center computing interconnects.

This industry momentum is directly reflected in corporate earnings. On March 30, Zhongji Innolight disclosed its 2025 annual report, reporting revenue of 38.24 billion yuan, up 60.25% year-on-year, and net profit attributable to shareholders of 10.797 billion yuan, surging 108.78% and crossing the 10-billion-yuan threshold for the first time.

Earlier, in January, New Essex released its 2025 earnings forecast, projecting net profit attributable to shareholders between 9.4 billion and 9.9 billion yuan, a year-on-year increase of 231.24% to 248.86%. TFC Optical Communication's 2025 annual report showed revenue of 5.163 billion yuan, up 58.79%, and net profit attributable to shareholders of 2.017 billion yuan, rising 50.15%, both setting new historical records.

According to Guojin Securities, the explosive growth in AI inference demand is shifting computing power from general-purpose GPUs to specialized ASICs. ASICs, with their energy efficiency and cost advantages from deep optimization for specific algorithms, excel in inference tasks. Custom chip businesses of leading players like Broadcom and Marvell are showing robust growth. The core driver of ASIC adoption is the ability to deploy more computing nodes at lower costs within a sustainable total cost of ownership framework, which increases the total number of endpoints requiring interconnection, thereby providing long-term growth momentum for the optical module and PCB markets.

Despite the strong long-term performance of the index and individual stocks, short-term fund flows show noteworthy divergence. Even as the ChiNext Board advanced, over 10 billion yuan flowed out of ChiNext-related ETFs in April as prices rose.

Data shows that as of April 14, E Fund ChiNext ETF saw a net outflow of 3.059 billion yuan, while GF ChiNext ETF and Huaan ChiNext 50 ETF also experienced net outflows exceeding 1 billion yuan each. Overall, the 72 ChiNext-related ETF products in the market recorded a combined net outflow of 10.296 billion yuan for the month.

Market analysts suggest that some short-term capital took profits after the index reached new highs.

However, as short-term funds adjust positions, long-term investment logic may be reinforced by regulatory developments. On April 10, following State Council approval, the China Securities Regulatory Commission officially issued the "Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces," marking another major institutional leap since the 2020 registration-based reform of the ChiNext Board.

Key measures in the document include adding a fourth set of listing standards, pre-IPO review mechanisms, local government recommendations, shelf offerings for refinancing, market maker introductions, post-market fixed-price trading for ETFs, planned launches of ChiNext-related ETFs, options, and stock index futures, and support for fund advisors to allocate to ChiNext ETFs, all of which have drawn significant market attention.

Xiangcai Fund noted that the STAR Market and ChiNext Board had previously piloted post-market trading mechanisms; extending this to ChiNext ETFs will enhance market liquidity and activity. Overall, these reforms are expected to attract more long-term capital to ChiNext ETFs, further strengthening the capital market's role in supporting new quality productive forces.

Looking ahead, Guotai Haitong believes Chinese stocks are poised to regain upward momentum. While external uncertainties may persist, the worst is likely over. Energy price impacts on global demand may continue, but China's economic data—including investment, consumption, and PMI—have exceeded expectations since the start of the year, with PPI recovery boosting nominal growth. China's comprehensive supply chain and proactive industrial progress are rare globally. The accelerated construction of an innovation ecosystem centered around the capital market is expected to enhance A-shares' ability to aggregate social capital.