On July 27, 2026, the first day of trading for Cxmt Corporation (688825.SH), it smashed multiple A-share market records, including the highest opening market cap and single-day turnover. Cxmt Corporation opened at 49.50 yuan per share, surging 471.59% from its initial public offering price of 8.66 yuan, and its total market capitalization reached 3.3 trillion yuan. By the close, the stock settled at 49 yuan per share, up 465.82%, giving it a market cap of 3.28 trillion yuan and the top spot among all A-share companies by market value. For the company's executives, shareholders, and IPO lottery winners, this was undoubtedly a spectacular capital feast. Among the many key players in this event, one insurance company on the list of Cxmt Corporation's top ten shareholders deserves special attention: Hexie Health Insurance Co., Ltd. (hereafter "Hexie Health"). Unlike major insurers with annual premium revenues of hundreds of billions, Hexie Health is a company that has undergone risk management and has not disclosed solvency reports for nearly a decade.
The shareholder list for Cxmt Corporation includes a diverse mix of capital. Beyond platform giants like Tencent, Meituan, and Alibaba, financial institutions such as banks, insurance companies, and securities firms are also significant participants. According to Cxmt Corporation's prospectus, Hexie Health directly holds 901 million shares, representing a 1.5% stake before the IPO, ranking it as the tenth-largest shareholder. Hexie Health's single investment amount was the highest among the six insurance companies directly holding Cxmt Corporation shares, nearly double the investments from Guoshou Investment and Renben Capital, and far exceeding those from Sunshine Life Insurance and China Post Life Insurance. Hexie Health made this investment in February 2022, putting 901 million yuan into Ruili Integration, the predecessor of Cxmt Corporation. At that time, Cxmt Corporation was still deeply mired in massive losses; its prospectus shows net losses attributable to parent company shareholders of 16.3 billion yuan in 2023 and 7.1 billion yuan in 2024. This investment came just two years after Hexie Health's own equity transfer was completed. After Anbang Insurance was placed under regulatory receivership, Hexie Health also entered a state of risk management. In March 2020, Hexie Health's equity transfer was approved, with Anbang Insurance and Anbang Property & Casualty Insurance transferring 3.1 billion shares and 3.989 billion shares, respectively, to Fujia Group.
Through its investment in Cxmt Corporation, Hexie Health is poised to realize substantial paper gains. Based on the closing price on July 27, the market value of Hexie Health's holdings in Cxmt Corporation reached 44.164 billion yuan, with a stake of 1.35%, translating to a paper profit of over 43 billion yuan. What does this figure mean for Hexie Health? Since the company stopped publishing annual reports and solvency reports after 2007, we can only look at its social responsibility reports for 2024 and 2025, which show operating revenues of 75.325 billion yuan and 75.826 billion yuan, respectively. In 2024, Hexie Health's total assets were 452.05 billion yuan. This means the paper profit from the Cxmt Corporation investment alone is equivalent to 56% of its total 2025 operating revenue. Hexie Health's last disclosed solvency report was for the first quarter of 2017, when its comprehensive and core solvency ratios were both 102.01%, perilously close to the regulatory red line, and its net assets stood at 17.593 billion yuan. A source close to Hexie Health stated that, according to market agency estimates, based on Cxmt Corporation's first-day closing price, Hexie Health's holding value exceeded 44 billion yuan, pushing its corresponding net assets to around 75 billion yuan.
Beyond Cxmt Corporation, Hexie Health also participated in early-stage funding rounds for other tech firms, including domestic GPU company Moore Threads and computing infrastructure company Superfusion. Data indicates that Hexie Health's solvency adequacy ratio has been steadily improving, its core operating indicators are consistently trending upward, and its ability to withstand risks has significantly strengthened. For instance, Hexie Health invested 500 million yuan in Moore Threads' Series B round. When the latter surged over 400% on its debut on the STAR Market, Hexie Health's position value exceeded 4 billion yuan. Additionally, Hexie Health has invested in several other technology companies, including Superfusion, Zhonghuan Leading Semiconductor, and Huada Semiconductor. An insurance industry professional joked that with a single investment, Hexie Health has resolved all its historical burdens, as the profit can improve its financial structure and become the key to returning to normal operations. However, as an early investor, Hexie Health's shares are subject to a lock-up period, so the final amount of realized gains remains to be seen.
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