Largest IPO in STAR Market History: CXMT Sees 6.58 Million Shares Abandoned, High Volume but Only 0.17%

ChangXin Memory Technologies (688825-CN), China's leading domestic memory chip manufacturer, officially announced its IPO issuance results on the STAR Market on Tuesday evening (21st). As one of the largest IPOs in STAR Market history, the offering was priced at RMB 8.66 per share, with an initial issuance of approximately 6.688 billion shares.

Abandonment Data Analysis: High Numbers, Extremely Low Ratio

According to the announcement, online investors abandoned 6.5862 million shares, amounting to approximately RMB 57.0367 million. In contrast, offline institutional investors showed strong commitment, abandoning only 31,600 shares.

While the abandonment of millions of shares may seem alarming, when viewed against the massive issuance scale, CXMT's online abandonment rate was only about 0.17%. This figure is significantly lower than the current STAR Market average abandonment rate of 0.25% to 0.35%, and even below the abandonment rate range of the 12 STAR Market companies that went public this year.

Four Core Reasons for Investor Abandonment

Market analysis indicates that the abandonment was primarily concentrated among retail investors online, attributable to four main factors:

Funds Automatically Occupied: Many investor accounts have automatic conditional orders that allocate idle funds to government bond reverse repos, resulting in insufficient balances on payment day.

Funds Exhausted for Bottom-Fishing: Amid recent market volatility, some investors used their capital to buy other stocks at low prices, failing to replenish funds for new share payments.

Margin Account Risks: Some margin accounts faced insufficient collateral or margin calls, leaving investors unable to make payments.

Market Sentiment Divergence: A minority of investors feared post-listing 'break-even' (falling below the IPO price) or believed the profit potential insufficient to offset existing portfolio losses, leading to deliberate abandonment.

In contrast to retail concerns, institutional investors demonstrated strong bullish consensus, with nearly full payment in offline subscriptions. As the only Chinese company currently mass-producing DRAM chips, CXMT carries the critical mission of domestic substitution in memory semiconductors. All 6.6178 million unclaimed shares have been fully underwritten by six joint lead underwriters, including China International Capital Corporation (CICC), with a total underwriting amount of approximately RMB 57.3101 million.

Industry professionals advise investors to monitor allotment notifications and ensure sufficient account funds. Investors who fail to pay for allotted shares three times cumulatively within 12 months will be placed on a restricted list and barred from new share subscriptions for six months.