Country Garden sold ChangXin Technology at 2.22 yuan per share, missing out on 47 billion yuan.

This morning, domestic DRAM memory leader ChangXin Memory Technologies Group Co., Ltd. (securities abbreviation: ChangXin Technology) officially listed on the Shanghai Stock Exchange's STAR Market.

As of today's midday close, ChangXin Technology's half-day trading volume exceeded 122.1 billion yuan, setting a new historical record for single-day trading volume of an A-share stock; the stock closed at 54.65 yuan per share, with a cumulative increase of 531.06%, corresponding to a total market value of about 3.66 trillion yuan, surpassing all major blue-chip companies to top the A-share market value list.

Bearing the halo of a leading domestic memory chip company, ChangXin Technology saw massive speculation on its first day, bringing huge paper gains to its early investors, who fully enjoyed this capital feast.

However, one early investor, under financial pressure, fully exited early, completely missing out on the trillion-level listing windfall.

According to data, in December 2024, Country Garden Ventures' platform, Foshan Nanhai Huibi No.5 Equity Investment Partnership (Limited Partnership), transferred its entire 1.56% stake in ChangXin Technology for 2 billion yuan to Hefei state-owned platform Hefei Jianchang Equity Investment Partnership.

The per-share price of this equity transfer was only 2.22 yuan, compared to ChangXin Technology's IPO issue price of 8.66 yuan per share, which is only one-quarter of the issue price; compared to the first-day opening price of 49.5 yuan, the unit price was less than 4.5% of the opening price.

Based on the midday stock price of 54.65 yuan per share, Huibi No.5's premature sale of shares directly missed out on over 47 billion yuan in paper gains.

Public data shows: Huibi No.5 was registered and established on September 6, 2022, with a total subscribed capital of 2.301 billion yuan; on November 17 of the same year, it completed private fund filing with the Asset Management Association of China, filing number SXK609, and is a private equity fund set up by Country Garden Ventures specifically for semiconductor equity investments.

At that time, Country Garden was deeply mired in a property debt restructuring cycle, selling off sci-tech equity to raise funds mainly for ensuring project delivery and repaying due debts. With no other choice, it cleared its position and exited, ultimately regretting missing the wealth-creation wave of the domestic memory leader's listing.