The direct takeaway is that Changxin Technology chose a less aggressive IPO price than some market expectations, but the deal is not risk-free. At 8.66 yuan per share, the company’s post-issue valuation shows a high PE and lower PB profile, which matters because DRAM is a strongly cyclical industry. Investors tracking this event should check the July 16 subscription process, July 20 payment deadline, lock-up structure, valuation basis, DRAM cycle assumptions, and the company’s own warning about possible downside after listing.
| Primary source | Wallstreetcn |
|---|---|
| Reported at | 2026-07-14T14:37:29.000Z |
| Topic | 股票 |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
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Changxin Technology’s IPO is priced at 8.66 yuan per share. According to the supplied event brief, online and offline subscriptions start on July 16, and investors who receive allocations must complete payment by 16:00 on July 20.
The practical issue is not only the price. The brief highlights a broader debate over valuation, lock-ups, industry cyclicality, and whether PB may be more useful than PE for a DRAM manufacturer whose earnings can swing sharply across memory-chip cycles.
Why the Price Drew Attention
The issue price implies a post-issue market value of about 579.2 billion yuan. That is below the trillion-yuan valuation that the brief says had been expected by parts of the market, which is why the final pricing has triggered discussion about whether the company was priced conservatively or still carries meaningful listing risk.
The brief says the price was set after considering inquiry results, the industry cycle, and comparable-company valuation levels. It also says the price was placed slightly below the median of offline inquiry pricing, while actual fundraising was still notably higher than the original plan.
Subscription and Lock-Up Checks
The subscription schedule is straightforward in the supplied brief: July 16 is the T day for online and offline subscription, both at 8.66 yuan per share. Subscription does not require upfront payment, but allotted investors need to complete payment by 16:00 on July 20.
The liquidity profile differs by investor type. Online shares are tradable after listing. For offline shares, 30% have no lock-up period and 70% are locked for six months. Strategic placement shares have lock-ups ranging from 12 to 36 months, with the sponsor’s follow-on investment locked for 24 months and certain employee and Alibaba Cloud-related allocations locked for 36 months.
PE Versus PB
The valuation appears mixed because the brief describes it as high on PE and lower on PB. Based on the issue price, the diluted post-issue PE is about 308.92 times using 2025 pre-deduction net profit and about 108.95 times using post-deduction net profit. Both are above the 76.32 times industry average cited in the brief, while the post-deduction PE is below the comparable-company average of 134.62 times.
By contrast, the diluted post-issue PB is about 5.06 times, below the comparable-company average of 9.30 times cited in the brief. The brief names Samsung Electronics, SK Hynix, Micron Technology, TSMC, and China Resources Microelectronics among the comparable companies.
Why PB Matters in DRAM
The supplied event notes that DRAM is a strongly cyclical industry. In a strong upcycle, profits can expand quickly and PE can fall to low levels. In a downcycle, profits can drop sharply and PE can rise above 100 times or become less useful.
PB is described in the brief as a more stable valuation anchor because it is tied to asset value rather than a single period of earnings. That does not make PB a guarantee of fair value, but it explains why market participants may weigh PB heavily when assessing a memory-chip manufacturer.
Business Momentum and Use of Proceeds
The brief says Changxin Technology is in a period of rapid earnings release. It reports first-quarter revenue of 50.8 billion yuan, up 719% year over year, and non-deducted net profit of more than 26.3 billion yuan, up 1,993% year over year.
For the first half, the company expects revenue of 110 billion to 120 billion yuan and net profit attributable to shareholders of about 50 billion to 57 billion yuan. The brief says proceeds will mainly support next-generation DRAM capacity expansion and HBM high-bandwidth memory research and development projects.
Evidence Limits
This article uses only the supplied event brief as source material. It does not independently verify the issuer’s filing documents, exchange announcements, underwriter materials, or real-time market data.
The brief includes market participant views and valuation comparisons, but those views should not be treated as a prediction of listing performance. The article also does not claim that this IPO will affect Binance, crypto prices, exchange activity, or any token market.
Risk Disclosure and Practical Context
The issuer’s own special risk notice, as summarized in the brief, says the stock may fall below the issue price after listing. That warning matters because even a company with strong growth data can face valuation compression, liquidity pressure, or a turn in the memory cycle.
For readers who usually follow Binance news or crypto market flows, this is a separate equity-market event. A Binance account or crypto exchange workflow may help some users organize broader market watching, but it does not change IPO eligibility, stock-market risk, or the need to assess this deal through official securities-market channels. This article is informational and is not financial advice.
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Review BINANCEAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What is Changxin Technology’s IPO issue price?
The supplied brief says Changxin Technology set its IPO issue price at 8.66 yuan per share.
When does subscription start?
According to the brief, online and offline subscription begins on July 16, with the same issue price of 8.66 yuan per share.
When must allotted investors pay?
The brief says investors who receive allocations must complete payment by 16:00 on July 20.
Why is the valuation controversial?
The controversy comes from the gap between a high PE profile and a lower PB profile, plus the fact that the implied post-issue market value of about 579.2 billion yuan is below earlier market expectations cited in the brief.
Why might PB be used for a DRAM company?
The brief explains that DRAM is highly cyclical, so earnings can swing sharply. PB is less directly affected by short-term profit swings and may better reflect asset value across the cycle.
Does this event create a Binance or crypto trading signal?
No. The supplied brief is about a stock IPO and does not provide evidence of a direct Binance, crypto-price, or token-market effect.
Is this article financial advice?
No. This article is for informational purposes only and does not consider any individual reader’s investment objectives, financial situation, or risk tolerance.