To The Moon

"Beijing, Shenzhen, Shanghai, and Hefei." This is currently a hot phrase in the capital markets, referring to the four cities—Beijing, Shenzhen, Shanghai, and Hefei—whose A-share listed companies rank among the top four nationwide by total market value.

The reason this phrase has become a buzzword is that the first three are "pioneers" of the capital markets and house the three major A-share exchanges. Hefei's inclusion alongside them has genuinely surprised many observers. Hefei's A-share total market value has entered the national top four. The surge is attributed to the listing of ChangXin Memory Technologies.

Behind this lies Anhui's proactive efforts to build a hub for emerging industries and its practical steps to support and guide enterprises in embracing the capital markets. The capital markets are now witnessing an "Anhui heat," primarily reflected in three key metrics: quantity, quality, and energy.

Let's first examine quantity. Statistics from Flush iFinD show that as of August 28, Anhui is home to 191 A-share listed companies, ranking seventh nationally—a position that surpasses its GDP ranking. The provinces ahead of it are Guangdong, Zhejiang, Jiangsu, Beijing, Shanghai, and Shandong. When measured by newly listed companies, Anhui's performance is even more striking.

Since the start of this year, six Anhui-based enterprises have gone public, placing the province fourth nationwide, just behind Zhejiang, Jiangsu, and Guangdong. The provincial capital, Hefei, has also delivered a commendable performance. It is home to 91 A-share companies, ranking 11th nationally—a position that significantly outpaces its GDP standing.

Next, we assess quality. On July 27, 2026, ChangXin Memory Technologies, located in Hefei, made its debut on the Shanghai Stock Exchange's STAR Market. Since listing, this chip manufacturer has been thrust into the spotlight. There are many points of focus for market watchers. For instance, in the field of dynamic memory chip manufacturing, it has broken the dominance of the "Big Three" and now holds the world's fourth-largest market share. In the first half of this year, its revenue and net profit attributable to the parent company reached 150.3 billion yuan and 77.6 billion yuan, respectively.

Naturally, its market value is also a frequent topic of conversation. On its first trading day, ChangXin Memory Technologies opened at 49.5 yuan per share, corresponding to a market value exceeding 3.3 trillion yuan, instantly making it the leader in A-share market value. By September 4, the company closed at 54.8 yuan per share, with a market value reaching 3.72 trillion yuan.

Just two weeks after ChangXin's listing, on August 11, Guoyi Corporation debuted on the STAR Market. Public reports indicate this is the second A-share company primarily focused on quantum technology. Six years prior, in 2020, QuantumCTek, also based in Hefei, rang the bell as the "first listed quantum technology company." Seeing one part of the whole, the listed companies from Anhui—especially those recently entering the A-share market—demonstrate solid fundamentals and are deeply rooted in technology.

The STAR Market and the Beijing Stock Exchange are specifically designed for innovative and "little giant" enterprises. Currently, Anhui has 27 companies listed on the STAR Market, ranking sixth nationally, and 13 companies on the Beijing Stock Exchange, ranking eighth.

Finally, we look at energy. The deep cultivation and specialization of listed Anhui enterprises in the capital markets and their respective industries are accumulating momentum for the province's emerging and future industries. Anhui's "capital heat" is being converted into "industrial heat" and "economic heat." ChangXin Memory Technologies and Nexchip Semiconductor, which listed in 2023, have enhanced the recognition and visibility of Anhui's integrated circuit industry.

Guoyi Corporation and QuantumCTek's relentless progress in their respective niche fields have solidified Hefei's status as a veritable "dual highland" for quantum technology and industry. Shiya Technology, listed this March, specializes in the development of microdisplays. Its establishment and growth in Hefei have helped the city polish its reputation as "China's No. 1 City for New Displays." Driven by the rapid development of emerging and future industries, Anhui's GDP grew by 5.6% year-on-year in the first half of 2026, 0.9 percentage points higher than the national average, pushing its total economic output into the national top ten.

The "Anhui heat" in the capital markets is neither a coincidence nor an overnight achievement. Industry analysts suggest it largely benefits from Anhui's accelerated construction of a "1188" modern industrial system, which has nurtured numerous high-quality enterprises pivoting toward innovation. Additionally, the "Welcome Pine Action Plan" for promoting corporate listings, implemented by Anhui in 2022, has also played a significant role.

The capital markets' "Anhui heat" shows no signs of cooling. As of September 4, Jiefeng Automotive Powertrain System Co., Ltd. has initiated its offering process, while Wuhu Morson Technology Co., Ltd. has completed its registration. Before long, these two enterprises will be landing on the A-share market.