Svmuu News: According to data disclosed in the prospectus, Changxin Technology had already implemented two phases of an employee stock ownership plan prior to its IPO, granting shares to a cumulative total of 6,760 individuals. The plan covered the company’s management personnel, key business staff, core technical personnel, and employees in critical frontline production positions, making it one of the largest pre-IPO equity incentive programs in the semiconductor industry.
Changxin Technology’s employee stock ownership plan was carried out in two phases over a four-year period. The first phase began in September 2021, granting shares to 3,596 employees at a price of 1.05 yuan per share of registered capital, covering key personnel who had been involved in production line construction and technology R&D from the early stages. The second phase began in June 2023, coinciding with a low point for the company when it was suffering massive losses and severe erosion of net assets due to large-scale production expansion; the cost per share was reduced to 0.108 yuan. As of the IPO, the two phases of the plan had cumulatively covered 6,760 employees, accounting for 35% of the company’s total workforce of 19,298. Among them, R&D personnel made up over 30%, and nearly 40% held master’s degrees or higher. According to the prospectus, shares held by employees must be gradually distributed over a period of ten years, beginning 36 months after the listing. Distribution may take the form of shares or cash proceeds, with the final return depending on the company’s long-term value.
Changxin Technology officially disclosed its prospectus for listing on the STAR Market on July 9. The company’s stock code is 688825, and the online subscription code is 787825. The IPO proposes to issue 6.688 billion shares, representing approximately 10% of the total share capital post-offering, with plans to raise 29.5 billion yuan—setting a record for the largest IPO on the A-share market since 2026.