Shanghai, Jan 25, 2026, 08:09 GMT+8 — Market closed
Cambricon Technologies’ yuan-denominated Class A shares are reopening Monday amid renewed focus after mainland mutual fund quarterly reports revealed the AI-chip maker cracked the top 10 most-held stocks. This reshuffle pushed out several long-standing tech names. The shares closed down 1.33% at 1,334.99 yuan on Friday.
This is crucial now because these disclosures could shape the narrative for the next trading phase—are major investors still piling into “AI infrastructure” stocks, or are they cashing out after recent gains? Cambricon’s drop on Friday happened even as the STAR Market’s broader indexes closed up. Xinhua News
Guosen Securities’ financial engineering team ranked Cambricon among the top active equity fund holdings by market value at the end of 2025, with 21jingji.com pegging the stock at 291 billion yuan. “This reflects a shift into tech, especially communications,” Chen Xingwen, chief strategy officer at Heiqi Capital, told the outlet, citing the policy and investment drive behind the digital economy and AI. 21经济网
Cambricon’s shares opened Friday at 1,337 yuan, fluctuating between 1,320 and 1,353 yuan during the session. Trading volume hit roughly 6.35 million shares, per data.
Cambricon builds and markets AI chips that power cloud servers, edge devices, and terminals, according to its Reuters company profile.
Liquidity dynamics shifted as the week closed. The Shanghai Stock Exchange announced that Guoyuan Securities will start market-making in Cambricon on Jan. 23, following the STAR Market’s rules. This setup requires brokers to quote buy and sell prices to boost trading activity.
The competitive landscape is shifting. Enflame, a key player among China’s domestic GPU makers, got its STAR Market IPO greenlit and aims to raise roughly 6 billion yuan to fund AI chip R&D and industrialisation, according to AASTOCKS citing SSE data.
Over the weekend, the Hurun Research Institute named Cambricon the most valuable on its China AI 50 list, with a valuation of 630 billion yuan. It surpassed rivals like Moore Threads and MuXi, according to People’s Daily Online.
But fund data lags behind, and the trade can get crowded quickly. If managers begin selling the same “AI chain” stocks heading into month-end, Cambricon’s elevated price could amplify the volatility—especially if overall risk appetite falters.
Macro faces a near-term test as China’s National Bureau of Statistics will release its monthly PMI report on Jan. 31 at 9:30 a.m. local time. Investors closely watch this survey for insights into factory and business conditions.
On the company front, eyes are on Cambricon’s upcoming milestone: the 2025 annual report is set for release on March 13, per Eastmoney’s corporate calendar.
Monday’s key test is straightforward: will the stock bounce back against the STAR board after Friday’s drop, or will sellers push the reopen down toward the week’s low near 1,320 yuan?
