ChangXin Memory Technologies goes public next Monday. What are the layouts of major shareholder Hefei Industrial Investment?

ChangXin Listing: How Much Can Hefei Industrial Investment Earn?

As the initiator of ChangXin Memory Technologies, Hefei Industrial Investment holds approximately 21.80% of shares post-issuance. Based on a valuation of 3 trillion RMB for ChangXin, the corresponding market value is about 653.9 billion RMB. The cumulative investment cost has not been disclosed (estimated at hundreds of billions), with floating profits reaching the level of 600 billion RMB.

Methodology Note: Shareholding data comes from the prospectus and equity penetration analysis. Qinghui Jidian is held by Xinrui Investment (Hefei Economic and Technological Development Zone State-owned Assets) at 51.09% and ChangXin Integrated (100% controlled by Hefei Industrial Investment) at 48.90%. Hefei Industrial Investment indirectly enjoys 48.90% of its corresponding shares in ChangXin Memory Technologies through ChangXin Integrated (≈9.54%).

From 18 Billion RMB Start-up Capital to Patient Capital

According to an announcement by GigaDevice, the start-up capital for ChangXin was 18 billion RMB. Hefei and Zhu Yiming (GigaDevice) contributed in a 4:1 ratio: Hefei Industrial Investment was responsible for raising 14.4 billion RMB (not necessarily entirely out-of-pocket; Hefei Industrial Investment later also contributed in kind and land; in March 2024, Hefei Industrial Investment invested 3 billion RMB, while GigaDevice invested 1.5 billion RMB in the same round). GigaDevice was responsible for raising 3.6 billion RMB (with subsequent cumulative cash investments of 2.3 billion RMB).

The specific total investment by Hefei Industrial Investment has not been disclosed, estimated to be in the hundreds of billions range.

In other words, this early-stage investment of "hundreds of billions" now corresponds to a floating profit space of 600 billion RMB—this is the most intuitive footnote for "patient capital".

The "Bill" Disclosed in the Bond Prospectus

Eve of ChangXin's listing, two bond fundraising information items for Hefei Industrial Investment are as follows:

Tech Innovation Corporate Bond (Phase I) · July 17

Scale: 1 billion RMB (400 million for 3 years / 600 million for 10 years), coupon rates 1.50% / 2.20%. 800 million used to replace the August 2025 M&A of Hengmei Optoelectronics for 4.8 billion RMB, and 200 million to repay maturing USD bonds.

2026 Phase I Public Corporate Bond · June 1

Scale: 1.5 billion RMB (850 million for 3 years / 650 million for 10 years), coupon rates 1.50% / 2.25%.

The bond prospectus discloses that as of the end of March 2026, Hefei Industrial Investment Group's net assets were 64.788 billion RMB, liabilities were approximately 99.476 billion RMB, and the asset-liability ratio was 60.56%. The non-GAAP net profit for 2025 was -2.169 billion RMB (for the three years and one period respectively: -3.068 billion, -0.846 billion, -2.169 billion). Profitability relies heavily on investment income and fair value changes. Net cash flow from investing activities has been continuously negative for the past three years, approximately -9.407 billion RMB in 2025. External guarantees are mainly concentrated on ChangXin Memory Technologies.

Investment and Risk Binding of Hefei Industrial Investment in ChangXin Disclosed in the Prospectus

ChangXin's profitability has not been consistently upward, causing fluctuations in Hefei Industrial Investment's equity method book value:

1. 2023 Investment Income -684 million RMB (Equity method Qinghui Jidian -2.048 billion RMB, due to ChangXin's losses)

2. 2024 Investment Income 1.504 billion RMB (Xinyi Hesheng 846 million + Xinhui Jicheng 488 million; Qinghui Jidian still lost 685 million)

3. 2025 Investment Income 638 million RMB (Xinyi Hesheng 365 million + Qinghui Jidian Enterprise Management Partnership 199 million)

Although there were losses in previous years, Hefei Industrial Investment continues to invest in ChangXin and provide guarantees.

In terms of investment, Hefei Industrial Investment invested another 9 billion RMB into ChangXin in 2024: Other equity instrument investments at the end of 2024 increased by 9,735.5555 million RMB (+192.34%) compared to the end of 2023, mainly due to receiving central budget funds, leading to an additional investment of 9 billion RMB in the ChangXin project.

In terms of guarantees, as of the end of 2025, Hefei Industrial Investment's cumulative external guarantee balance (excluding guarantee balances from the issuer's guarantee business) totaled 30,750.857 million RMB and 291.1 million USD, primarily for guarantees on ChangXin Memory Technologies (totaling 17,550 million USD). Specific details are as follows:

Hefei Industrial Investment Group → ChangXin Memory Technologies 675 million USD (Guarantee Expiry Date: 2031-11-12);

ChangXin Integrated → ChangXin Memory Technologies 1.08 billion USD (Guarantee Expiry Date: 2031-11-12).

Fundraising Landscape: Dense Fund Setup in 2026

Eve of ChangXin's listing, according to Xiniu Data MCP, the pace of fund establishment within the Hefei Industrial Investment system has significantly accelerated.

Hefei Industrial Investment Group: Three funds landed in July alone, totaling approx. 7.3 billion RMB

In July 2026 alone, three funds were densely established, all managed by Hefei Industrial Investment Venture Capital Management Co., Ltd. as the executive partner/general partner, with a total subscribed scale of approximately 7.3 billion RMB:

Additionally, in the first half of 2026, many new funds were established, including Hefei City Life Health Zhixing Venture Capital Partnership (Limited Partnership), Hefei Chantou Youpao Equity Investment Partnership (Limited Partnership), and Hefei Chantou Xinming Equity Investment Partnership (Limited Partnership).

Hefei Innovation Investment: Primarily Small and Medium-Sized Scale Recently

New funds established recently by Hefei Innovation Investment are primarily small and medium-sized in scale—Hefei Chantou Yuyao Innovation Entrepreneurship Investment Partnership (Limited Partnership) (2026-06-04, 101 million RMB, not registered, manager Hefei Chantou Guoyao Venture Capital Co., Ltd.), Hefei Chantou Liangheng Future Venture Capital Partnership (Limited Partnership) (2026-01-30, 151 million RMB, registered, manager Hefei City Innovation Technology Risk Investment Co., Ltd.).

On one side, there is the 账面 floating profit imminent from ChangXin's bell-ringing; on the other, new funds are accelerating their deployment in 2026—the "patient capital" narrative of the Hefei Industrial Investment system continues to add fuel through each newly established fund.

Investment Record: Over 80 Deals in One Year

If ChangXin is a fruit, the "sowing" by the Hefei Industrial Investment system has far from stopped.

According to Xiniu Data MCP, as of July 24, 2026, the two external investment entities of the Hefei Industrial Investment system made over 80 deals combined in 2026, heavily investing in hard tech tracks such as semiconductors/integrated circuits, controlled nuclear fusion, embodied intelligence/robots, commercial aerospace, AI large models, and biomedicine.

Hefei Industrial Investment Group (35 deals · Flagship Cases)

Other portfolio companies of Hefei Industrial Investment Group include: Xinfeng Technology, Galaxy Space, CASIC Satellite, Tuosheng Pharma, Risec Technology, Qiteng Robotics, etc., totaling 35 deals.

Hefei Innovation Investment (46 deals · Flagship Cases)

Other portfolio companies of Hefei Innovation Investment include: Xinfeng Technology, Sixiang Semiconductor, YunXinda, Sukesi Technology, CASIC Image, Xirong Zhaobo, Hefei Juneng, etc., totaling 46 deals.

From chips to humanoid robots, from controlled nuclear fusion to multimodal large models, the investment list of the Hefei Industrial Investment system is almost a "hard tech track map".

9 Portfolio Companies in IPO Review Process, ChangXin About to Ring the Bell

According to Xiniu Data MCP, statistics on the IPO landscape of portfolio companies by investment institution for the two main entities of the Hefei Industrial Investment system (in IPO review process):

Hefei Industrial Investment Group: 7 companies

Already Inquired (5 companies): Leju Robotics (ChiNext), Weirong Technology (ChiNext), Shichuangyi (ChiNext), Shurui Technology (STAR Market), Yunzhou Intelligence (STAR Market).

Registration Effective Pending Listing (2 companies): Guoyi Quantum (STAR Market), ChangXin Memory Technologies (STAR Market, listing next Monday).

Hefei Innovation Investment: 2 companies

Already Inquired (2 companies): Huayu Electronics (BSE), Juxin Technology (BSE).

The "listing army" of Hefei Industrial Investment is still expanding.

IPO Exit

The exit side is also noteworthy.

According to Xiniu MCP, Hefei Industrial Investment Group has already harvested 7 IPOs, while Hefei Innovation Investment has harvested 16 IPOs.

According to the bond prospectus, the main exit project situations for Hefei Industrial Investment Group from 2022 to present are as follows:

In terms of M&A exits, according to Xiniu MCP, both Hefei Industrial Investment Group and Hefei Innovation Investment have had two projects acquired each.

Patient Capital of "Investing Early, Investing Small, Investing in Hard Tech"

From 18 billion RMB in start-up capital to 600 billion RMB in floating profits under ChangXin's 3 trillion RMB valuation; from a 账面 loss of -684 million RMB in 2023 to over 80 deals in hard tech project investments in 2026—Hefei Industrial Investment is the most vivid footnote for "investing early, investing small, investing in hard tech" and "patient capital" in the primary market.

It accompanied ChangXin to the bell-ringing with hundreds of billions in early-stage investment, and continued to lay chips in hard tech and future industries such as semiconductors, nuclear fusion, robotics, and commercial aerospace through dense investments.

Next Monday, when ChangXin Memory Technologies rings the bell, it is not the end for Hefei Industrial Investment, but the most brilliant milestone in its "patient capital" narrative.

For more data on ChangXin Memory Technologies, see the image below. Xiniu MCP & "Primary-Secondary Linkage" Skill interprets for you ↓