中国国家资本主义在科技投资领域取得标志性突破。7月27日，中国存储芯片制造巨头长鑫存储（CXMT）在上海证券交易所科创板上市，发行价为每股8.66元，共募集资金579亿元人民币（合86亿美元）。开盘首日，CXMT股价暴涨466%收于每股49元，公司市值高达3.3万亿元人民币，一举成为中国本土市值最高的上市公司。截至2024年底，中国政府已通过2000多支国家级基金承诺投入约12万亿元人民币，以“合肥模式”等早投、投早的方式成为硬科技企业的早期股权合作伙伴。
作为这一风投模式的最大受益者，国有资本获得了极为丰厚的账面回报。根据上交所招股说明书分析，15家国有背景投资机构直接持有CXMT 36%的股权，摊薄后的账面持股价值达1.1万亿元人民币，投资回报率预计超过40倍。其中最早的国资发起人之一长鑫集成持股市值达3450亿元。在行业竞争方面，全球存储芯片（DRAM）市场长期由美光、SK海力士和三星占据近90%的份额，而CXMT目前已成功斩获8%的全球市场份额，正加速挑战外企的垄断地位。
尽管长鑫存储取得了巨大成功，但国家主导的风投模式仍面临诸多结构性挑战。在2020年起对科技行业的整顿后，私营资本退潮，据Zerone数据，去年私营股权市场90%的资金由政府基金提供。然而，庞大的基金体系容易诱发腐败风险（如2022年规模达3430亿元的国家半导体大基金贪腐案），且缺乏具备深厚财力的私营买家进行接盘退出。国有基金对CXMT等重磅资产设有一至三年的禁售期，这使得国家风投更依赖政治指标而非纯粹的财务指标来评估整体投资组合的成败。
China’s state-capitalist investment model scored a landmark success with the public listing of memory chipmaker CXMT on July 27th. Floating on Shanghai’s STAR Market, CXMT raised 57.9bn yuan ($8.6bn) at an IPO price of 8.66 yuan per share. The stock surged 466% on its trading debut to close at 49 yuan per share, propelling CXMT’s valuation to 3.3trn yuan and making it the most valuable onshore-listed enterprise in China. Driven by government initiatives pushing high-tech self-reliance, the state pledged approximately 12trn yuan across more than 2,000 state-backed venture funds by late 2024, leveraging equity investment models pioneered in tech hubs like Hefei.
State entities directly captured enormous financial gains from CXMT's record public offering. Analysis of STAR Market disclosures reveals that 15 state-linked investment entities directly held 36% of CXMT's pre-IPO equity, representing a post-dilution paper stake worth 1.1trn yuan and generating an estimated return of over 40 times on invested capital. One early state supporter, ChangXin Integrated, holds shares valued at 345bn yuan. Industrially, CXMT has expanded to capture 8% of the global DRAM market, challenging the nearly 90% combined market share held by international incumbents Samsung, SK Hynix, and Micron.
Despite CXMT’s financial windfall, China’s state-led venture capital framework confronts underlying structural vulnerabilities. Following regulatory tightening in the private tech sector starting in 2020, private capital retreated, leaving government funds to supply 90% of all committed private-equity capital last year, according to data provider Zerone. However, state funds remain vulnerable to corruption—evidenced by the 2022 corruption probe into the 343bn yuan national semiconductor fund—and suffer from a shortage of deep-pocketed private buyers to provide liquidity exits. Consequently, state investors face multi-year lock-up periods, relying heavily on political metrics rather than liquid market returns to evaluate their portfolios.
Source: Xi Jinping, pioneering venture capitalist
Subtitle: CXMT’s monster initial public offering is a money-maker for the state. Its success may not be repeated
Dateline: 7月 30, 2026 05:36 上午