GoKawiilThe CXMT logo is displayed on a smartphone screen placed on a reflective surface on which the flag of China is projected, in Creteil, France, on July 17, 2026, as the initial public offering (IPO) of Chinese DRAM memory chip giant ChangXin Memory Technologies generated interest and raised nearly 8.6 billion dollars on Shanghai's STAR Market.
Crypto traders are pricing China's largest memory chipmaker, ChangXin Memory Technologies, at levels that would make it the most valuable company listed on the mainland, days before its record Shanghai debut.
Crypto startup Trade.xyz offers the CXMT-linked contract on Hyperliquid, a decentralized derivatives exchange, enabling investors to speculate on the chipmaker's valuation ahead of its official debut.
The perpetual futures contract tracking CXMT traded near $6.35 per share on Hyperliquid on Thursday, after it peaked recently at $8.60, just days before the chipmaker's blockbuster listing in Shanghai next Monday. CXMT didn't immediately respond to a request for comment about the valuation.
The current price implies a market capitalization of roughly $425 billion, or about 2.9 trillion yuan — which would make it more valuable than Industrial and Commercial Bank of China , the mainland's largest listed company at roughly 2.56 trillion yuan.
The offer price was initially set at 8.66 yuan ($1.28) per share, giving the company a valuation of just 579 billion yuan at listing, which would still make it the biggest IPO in the tech-oriented STAR market's history.
Hyperliquid's perpetual contracts are derivatives that allow traders to speculate on various assets, such as crypto, commodities, and equities, without holding the underlying asset.
The outsized premium was fueled in part by offshore investors who, locked out of one of the world's most anticipated listings, turned to crypto rails to build a parallel market for the Chinese chipmaker. The Shanghai debut is effectively closed to foreigners, and even mainland retail investors face steep barriers to the STAR market, which requires a 500,000 yuan account balance and two years of trading experience.
Analysts say the premium reflects scarcity of access as much as conviction in the underlying business.
"A market like this isn't valuing the company; it's forecasting where the price of the stock might open," said Eric Chen, co-founder and chief executive officer of Web3 finance firm Injective Labs.
... continue reading