Changxin IPO supply-chain breakdown (where the money comes from, where the shares go)

Changxin listed on the STAR Market on July 27, topping A-share market cap at 3.28 trillion, with daily trading volume exceeding 140 billion, setting a historical record for a single stock.
This report answers two questions in two parts 👇:
The first part looks at “where the money comes from and where the shares go”—the issuance and equity structure, the lock-up arrangements for strategic placement and offline subscription, the substance behind the net inflow of the 32.8k large-lot orders on the first day, and the three-year unlock calendar ahead;