Banks are "lurking" in Changxin Technology: the appreciation of their equity will account for approximately 0.3%-10% of the 2025 revenue of the six major banks including ICBC, ABC, BOC, and CCB.

According to Odaily Planet Daily, Changxin Technology topped the A-share market on its first day of trading, bringing substantial book value gains to the five major state-owned banks that indirectly held shares. It is understood that the five state-owned banks mainly participated in Changxin Technology's investment through their affiliated asset investment companies (AICs): Agricultural Bank of China directly held approximately 0.95% of the shares through its subsidiary ABC Investment, making it the largest investor among bank-affiliated AICs; China Construction Bank directly held approximately 0.83% of the shares through CCB Investment, and also indirectly held some shares through CCB International and CCB Leading, totaling approximately 1.7% after tracing the shares, the highest proportion among the five state-owned banks; Industrial and Commercial Bank of China held approximately 0.64% through ICBC Investment's subsidiary ICBC Financial Investment; Bank of Communications held approximately 0.38% through BOCOM Financial Holdings; and Bank of China held approximately 0.38% through BOC Asset Management. Analysts suggest that banks will most likely place their Changxin shares in FVTPL accounts (i.e., financial assets measured at fair value through profit or loss). Assuming a pre-IPO price of RMB 2.63 per share, the book value for each bank would be RMB 2.46 billion for China Construction Bank, RMB 1.5 billion for Agricultural Bank of China, RMB 1.01 billion for Industrial and Commercial Bank of China, RMB 600 million each for Bank of China and Bank of Communications, and RMB 460 million for China Merchants Bank. Under different scenarios simulating a post-IPO market capitalization of RMB 1 trillion to 7 trillion for Changxin Technology, the appreciation in share value would account for approximately 0.3% to 10% of the six banks' 2025 revenue. (Caixin)