Alibaba's 7.6 billion yuan investment in ChangXin yielded nearly 170 billion, with a return multiple exceeding 20 times.

ChangXin Memory Technologies (CXMT) delivered a stunning debut on its first trading day. Opening at 49.50 yuan, the stock surged to a high of 55.03 yuan during the session before pulling back to a low of 38.11 yuan; it eventually closed at 49 yuan, with a staggering full-day gain of 465.82% and a turnover rate of 66.4%. The trading volume reached a historic milestone—141.187 billion yuan, making it the first individual stock in A-share history to exceed 100 billion yuan in single-day turnover.

Behind this massive trading volume lies the market's fervent pursuit of China's domestic DRAM leader. And in this capital feast, one of the biggest winners is undoubtedly Alibaba.

According to CXMT's prospectus for its listing on the STAR Market, the Alibaba Group holds nearly 5% of the company's shares through two entities, with a total investment of approximately 7.6 billion yuan.

Based on the market capitalization on the first trading day, the value of Alibaba's stake exceeds 170 billion yuan, resulting in a paper profit of over 160 billion yuan and a total return multiple of more than 20 times, making this investment one of the most lucrative cases in Alibaba's external investment history.

As the only leading domestic company integrating DRAM R&D, design, and manufacturing, CXMT has mass-produced process technology platforms from the first to the fourth generation, covering mainstream product lines such as DDR4, DDR5, LPDDR4X, and LPDDR5/5X, with downstream customers including top-tier enterprises across various sectors such as Alibaba Cloud, Tencent, ByteDance, Lenovo, Xiaomi, Honor, OPPO, vivo, and Transsion.

Among them, Alibaba Cloud, as one of the largest cloud service providers in China, needs to procure massive amounts of DRAM chips annually for data center construction, forming a natural industrial synergy with CXMT, which has developed into a core customer of CXMT.

Thus, Alibaba's investment in CXMT constitutes a dual deep binding of "equity holding + procurement." Compared to pure financial investment, this model carries greater strategic significance: on one hand, it effectively reduces the cost of AI computing hardware through supply chain localization; on the other hand, it significantly mitigates overseas supply chain risks and enhances the autonomous controllability of its own AI infrastructure.