"How many shares does he have?"
"50,000 shares."
"That's a huge profit!"
"But they can't be sold until three years later..."
At 11:45 on July 27, a reporter from Times Weekly overheard the above conversation among employees while dining near the Hefei headquarters of Changxin Technology (688825.SH).
They all wore blue employee badges with the clear "CXMT" logo on the lanyard, making it easy to identify them as Changxin Technology employees.
On July 27, Changxin Technology's stock price surged more than five times at the opening. By the close, the stock was at 49 yuan per share, with a market value of 3.28 trillion yuan, making it the company with the highest market value on the A-share market.
However, the stock price frenzy of Changxin Technology has not yet intersected with the lives of grassroots employees. An employee told Times Weekly that the company's equity incentive plan has clear rank thresholds: at least the level 9 section chief level is required to participate, while most ordinary employees are concentrated at levels 11 and 12.
Changxin Technology also imposes extremely strict external information control. Times Weekly reporters attempted to contact employees for interviews through various channels, but most said, "The leadership has instructed that we are not to accept any external interviews." If found to have given an unauthorized interview, the consequences could be severe, including dismissal.
When the reporter tried to take photos at the park entrance, security guards from multiple areas approached and advised against it, explicitly stating that photography was prohibited. Even a passerby smoking at the gate was asked to stop by a security guard.
The strict park control has not hindered the spillover effect of the industry; Changxin Technology has indeed driven the development of the surrounding area.
A Times Weekly reporter found that the commercial street restaurants in the southeastern part of the park are bustling with customers, the supporting commercial area on the north side is under construction, and the Phase II construction site on the west side is crowded with migrant workers. The area has transformed from a barren construction site into a commercial district, with housing prices rising to 10,000 yuan per square meter.
Hefei Chip Giant: The Wealth Creation Myth in the Eyes of Grassroots Employees
After the market frenzy on the first day of listing, the work pace and daily management within Changxin Technology's park continue to operate on their established track.
Like most companies in Hefei, Changxin Technology's workday starts at 8:30.
At 9 a.m., the parking lot inside the park is already full, and the bicycle sheds and roadside non-motor vehicle spaces outside are also packed with electric bikes.
△ Source: Photo by Times Weekly
"Most of us have to hand in our phones at work," an employee told Times Weekly. Employees in R&D and wafer fabrication workshops must surrender their phones—the workshop for dust-free production requirements, and technical positions for confidentiality reasons. As soon as you enter the R&D area, phones must be stored uniformly.
"The working hours are similar too: we work until 11:30 in the morning, then have a lunch break until 1 p.m.," the employee said.
Overtime is common in the chip industry, and Changxin Technology is no exception.
"In R&D, working until 9 or 10 p.m. is normal, and we also have to be on duty on weekends to ensure someone is always on site. Some people come in on weekends voluntarily to catch up on work," an employee revealed. Overtime is not directly compensated with overtime pay but is factored into quarterly bonuses and performance evaluations.
According to Changxin Technology employees, the company's rank system is very detailed: undergraduate hires start at level 12, master's hires at level 11, and within the same level, there are two sub-levels, A and B. Level 9 is the section chief level.
Regarding salary, "It doesn't reach 300,000 yuan, but it's around 200,000 yuan, which is relatively high in Hefei," several employees said.
In response to rumors circulating online about Changxin employees "buying houses in groups," "wealth creation myths," and "net worth exceeding one million," Wang Ming (pseudonym), a Changxin employee interviewed, said, "The stock price frenzy of Changxin Technology has no intersection with grassroots employees."
An employee told Times Weekly that the company's equity incentive plan has clear rank thresholds: at least the level 9 section chief level is required to participate, while most ordinary employees are concentrated at levels 11 and 12.
"We have been with the company for a relatively short time, and there are normally rank restrictions. Only when you reach the corresponding level are you eligible to buy shares," the employee said. As for whether the subscription is conducted through an employee stock ownership platform, he said he had not been exposed to such information and was not clear.
Still Expanding Factory Area: Transforming the Area from a Construction Site to an Industrial Park
In addition to the already operational production lines and R&D buildings, Changxin Technology's expansion continues.
The aforementioned employee told the reporter that he previously worked elsewhere and only moved to the current park last year. The new factory building is expected to be completed by the end of this year, and the wafer production area is right next to the R&D building.
△ Source: Photo by Times Weekly
A Times Weekly reporter found that the Phase III project of Changxin Technology is under construction at the southwest gate of the park, undertaken by the Information Industry Electronic Eleventh Design and Research Institute Science and Technology Engineering Co., Ltd. (hereinafter referred to as "Eleventh Technology"), a wholly-owned subsidiary of the listed company Taiji Industry (600667.SH).
△ Source: Photo by Times Weekly
Outside the construction site, a large number of construction workers have gathered, and mobile vendors have also congregated, with tents selling meals, snacks, drinks, and cigarettes lined up. On one side of the wall is a modern wafer factory construction site, and on the other side is a bustling consumption scene of migrant workers.
△ Source: Photo by Times Weekly
Many construction workers could not clearly state which contractor they belonged to, but everyone knew that this construction site was for the renowned Changxin Technology.
A person at the construction site told Times Weekly that Changxin Technology is currently building Phase 11 of the project, and there are also bases under construction in other parts of Hefei, Beijing, and Shanghai's Pudong New Area.
Around the Phase III project, a cluster of supporting enterprises in the industrial chain has already gathered. Across the street from ChangXin Memory Technologies is the Xinqiao Integrated Circuit Industrial Park and Hefei Paktron Storage Technology Co., Ltd., while Guanggang Gas (688548.SH) has a supporting station within the park.
The north side of the park is surrounded by lawns and running tracks, with a clean and open environment. Across the road is OCT (Overseas Chinese Town). A worker at the park gate told a Times Weekly reporter that a commercial district is being built on the opposite side.
△ Source: Photo by Times Weekly
It is worth noting that the entire ChangXin Memory Technologies Industrial Park is surrounded by high-voltage electric fence nets, with a security level far higher than that of ordinary industrial parks.
△ Source: Photo by Times Weekly
Strolling and stopping around ChangXin Memory Technologies, a Times Weekly reporter spent over two hours. Corresponding to the vast park is the economic boom in the surrounding area.
"This place used to be farmland. Who would have thought there would be such a large factory now?" A ride-hailing driver living in a resettlement community near ChangXin Memory Technologies told a Times Weekly reporter that since 2021, the Changgang area has seen housing prices driven up by ChangXin Memory Technologies, peaking at over 10,000 yuan per square meter. "It has dropped a lot in the past two years, but it's still around 7,000 to 8,000 yuan per square meter."
In fact, ChangXin Memory Technologies is more than 40 kilometers from the main urban area of Hefei, located on the "outer ring of the outer ring." A few more steps and the high-rise buildings disappear, replaced by village paths.
Apart from housing, the commercial streets here also show a clear tidal effect—during morning, noon, and evening, whenever ChangXin Memory Technologies employees get off work, the streets are crowded and shops are packed; once it's work time, the streets are deserted.
In particular, the intersection of Shuofang Road and Jinlianhua Road, known by locals as the core area of "Changgang CBD," has a strong atmosphere of everyday life. Every day after 5 p.m., food carts gather in a long line around the area, providing delicious food for ChangXin Memory Technologies employees.
A restaurant owner told a Times Weekly reporter that from the early days of ChangXin Memory Technologies' construction, when the area was dominated by construction workers, to now with multiple factories standing, the consumer base has shifted to ChangXin Memory Technologies employees and those from supporting enterprises. The Changgang area has transformed from a barren construction site into a bustling park.
This article is from WeChat public account "Times Weekly" (ID: timeweekly), author: Guan Yue.
