Woofun AI reports that Changxin Technology has commenced its STAR Market IPO issuance following China Securities Regulatory Commission approval. The company intends to raise 29.5 billion RMB, implying an issuance price of approximately 4.41 RMB per share and a post-listing market capitalization nearing 295 billion RMB.

Issuance structures dictate that 78% of shares remain restricted on the first trading day, limiting initial tradable market cap to roughly 6.5 billion RMB. Strategic placement accounts for 50%, while offline allocations follow a "3+7" rule with 70% locked for six months. Major shareholders have pledged a 36-month lock-up, and lead underwriter CICC holds a 15% over-allotment option for price stabilization within 30 days.