Woofun AI reports that Changxin Technology (688825.SH) has established its STAR Market IPO issue price at 8.66 yuan per share, with online and offline subscriptions commencing on July 16, 2026. The offering involves an initial issuance of 6,688,088,608 shares, representing approximately 10.00% of the post-issuance total share capital, with CICC holding an over-allotment option for up to 15.00% of the initial shares.

The valuation metrics indicate a price-to-earnings ratio of 308.92 times, calculated based on the lower of diluted earnings before and after extraordinary items for 2025. This figure substantially exceeds the industry average P/E of 76.32 times and the comparable companies' average of 134.62 times. Total expected proceeds from the offering amount to approximately 57.919 billion yuan, yielding net proceeds of roughly 57.638 billion yuan after deducting issuance expenses.