**[Banks "Lurk" in Changxin Technology: Equity Appreciation Accounts for Approximately 0.3%-10% of Revenue for Six Major Banks Including ABC, ICBC, CCB, etc., by 2025]** Odaily Planet Daily News: On the first day of Changxin Technology's IPO, it ascended to the throne as the "King of A-shares," bringing considerable book value appreciation to the five major state-owned banks that indirectly hold stakes in the company. Reportedly, the five state-owned banks primarily participated in Changxin Technology's investment through their financial asset investment companies (AICs): - Agricultural Bank of China (ABC) directly holds approximately 0.95% of shares through its subsidiary, ABC Investment, making it the largest investor among the banking AICs. - China Construction Bank (CCB) directly holds approximately 0.83% through CCB Investment and indirectly holds additional shares through CCB International and CCB Pilot, with a total penetrated shareholding of approximately 1.7%, the highest proportion among the five state-owned banks. - Industrial and Commercial Bank of China (ICBC) holds approximately 0.64% through ICBC Investment's subsidiary, ICBC Rongjin Investment. - Bank of Communications (BoCom) holds approximately 0.38% through BoCom Financial. - Bank of China (BoC) holds approximately 0.38% through BoC Asset Management. Analysts suggest that banks are highly likely to place their Changxin Technology equity holdings under FVTPL accounts (i.e., financial asset accounts measured at fair value with changes recognized in current profit or loss). Assuming the pre-IPO final round financing price of RMB 2.63 per share as the benchmark, the book value for each bank is estimated as follows: CCB RMB 2.46 billion, ABC RMB 1.5 billion, ICBC RMB 1.01 billion, BoC and BoCom RMB 600 million each, and China Merchants Bank (CMB) RMB 460 million. Under various simulated scenarios of Changxin Technology's post-IPO total market capitalization ranging from RMB 1 trillion to RMB 7 trillion, the equity appreciation portion accounts for approximately 0.3%-10% of the six banks' revenue in 2025. (Caixin Media)