● Covered by 4 sources · 8 reportsMedium impact1 negative5 neutral2 positive
Crypto Traders Value Chinese Chipmaker CXMT at $425B on Derivatives Platform Pre-IPO
Key points
- CXMT valued at $425 billion on Hyperliquid crypto platform.
- Official IPO valuation for CXMT is 579 billion yuan ($86 billion).
- Offshore investors use crypto derivatives due to IPO access restrictions.
- CXMT's Shanghai IPO is scheduled for next Monday.
- CXMT's IPO is scheduled for July 27.
- CXMT raised $8.6 billion in Asia's largest IPO this year.
- Trade.xyz offers the CXMT-linked contract on Hyperliquid.
- CXMT's offer price was 8.66 yuan per share.
- CXMT's IPO will be the biggest in the STAR market's history.
- CXMT's listing causes fears of a liquidity drain from Chinese equities.
- CXMT's valuation is expected to exceed 1 trillion yuan after listing.
Crypto Valuation Exceeds Official IPO Price
Crypto traders are pricing ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, at approximately $425 billion on the decentralized derivatives exchange Hyperliquid. This valuation is based on perpetual futures contracts tracking CXMT, which traded near $6.35 per share on Thursday, peaking recently at $8.60.
The implied market capitalization of $425 billion (2.9 trillion yuan) would make CXMT more valuable than Industrial and Commercial Bank of China, currently the mainland's largest listed company. In contrast, CXMT's official offer price for its Shanghai IPO is 8.66 yuan ($1.28) per share, giving it a valuation of 579 billion yuan ($86 billion) at listing.
Upcoming Shanghai IPO
CXMT is set to debut on the Shanghai stock exchange next Monday. Its official listing valuation of 579 billion yuan would still make it the largest IPO in the history of the tech-oriented STAR market. The company did not immediately comment on the crypto-driven valuation.
Access Restrictions Drive Crypto Demand
The significant premium on crypto platforms is partly fueled by offshore investors who are unable to participate directly in the Shanghai listing. The Shanghai debut is effectively closed to foreigners, and even mainland retail investors face high barriers, including a 500,000 yuan account balance and two years of trading experience for the STAR market.
Hyperliquid's perpetual contracts allow traders to speculate on assets like equities without holding the underlying asset, providing an alternative for investors seeking exposure to CXMT.
Analyst Perspective on Premium
Analysts suggest the premium reflects both the scarcity of access and conviction in CXMT's business. Eric Chen, co-founder of Injective Labs, stated that such a market forecasts the potential opening price of the stock rather than valuing the company itself. He noted that with limited access for global investors and few liquid venues to short the stock, the price reflects the most optimistic participants seeking exposure they cannot get directly.
Updates
- CXMT's IPO is scheduled for July 27.
- CXMT raised $8.6 billion in Asia's largest IPO this year.
- Trade.xyz offers the CXMT-linked contract on Hyperliquid.
- CXMT's offer price was 8.66 yuan per share.
- CXMT's IPO will be the biggest in the STAR market's history.
- CXMT's listing causes fears of a liquidity drain from Chinese equities.
- CXMT's valuation is expected to exceed 1 trillion yuan after listing.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
ChangXin Memory Technologies (CXMT) has become China's most valuable company with a market capitalization of $524 billion, surpassing Tencent, less than three weeks after its IPO. This shift occurred as Tencent's shares fell following a disclosure of increased capital spending on AI infrastructure, while CXMT benefited from rising DRAM prices and significant supply deals.
ChangXin Memory Technologies (CXMT) is considering building a sixth DRAM manufacturing facility in China, which could double its production capacity to over 600,000 wafers per month. This expansion is part of a strategy to capture 30% of the global DRAM market by 2030, supported by significant government funding.
Chinese memory firm ChangXin Memory Technologies (CXMT) saw its shares surge 466 percent on its first day on the Shanghai stock exchange, reaching a valuation of $484 billion. This debut positions CXMT to challenge established memory market leaders amid a global memory shortage and increasing demand from AI companies.
ChangXin Memory Technologies (CXMT) completed its initial public offering on Shanghai's STAR Market, raising 57.92 billion yuan ($8.6 billion) and closing up 466% on its first day. The company plans to allocate the majority of its spending towards expanding and upgrading its DRAM production capabilities, with no immediate plans for High-Bandwidth Memory (HBM) development.
ChangXin Memory Technologies (CXMT), China's largest memory chip maker, saw its shares surge nearly 470% on its debut on the Shanghai Stock Exchange's Star Market, reaching a valuation of approximately 3.3 trillion yuan ($487 billion). This strong performance comes despite a global tech stock sell-off and highlights Chinese investor interest in domestic chipmakers amid government efforts for technological self-reliance.
Chinese memory chipmaker Changxin Technology Group (CXMT) saw its shares rise over 500% on its debut on Shanghai's STAR Market, raising 57.92 billion yuan ($8.6 billion) in Asia's largest IPO this year. This significant market entry positions CXMT as China's most valuable listed company and highlights Beijing's push for semiconductor self-sufficiency, with potential implications for the global DRAM market dominated by non-Chinese firms.
ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, is preparing for an $8.6 billion IPO on the Shanghai STAR Market, scheduled for July 27. This large listing is causing concerns among investors about a potential liquidity drain from Chinese equities, as funds are reallocated to participate in the debut.
Crypto traders on a decentralized exchange are valuing China's largest memory chipmaker, ChangXin Memory Technologies (CXMT), at $425 billion, significantly higher than its official IPO valuation. This speculative valuation, driven by offshore investors lacking direct access to the upcoming Shanghai listing, highlights the demand for exposure to major Chinese tech companies through alternative financial platforms.