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Event File CRYPTO Hyperliquid Memory Industry

CXMT Set to List as On-Chain Exchange Launches Pre-IPO Contract

2 reports · First detected 2026-07-15 · Last active 2026-07-19

China’s semiconductor giant ChangXin Memory Technologies (CXMT), the world’s fourth-largest DRAM manufacturer, is set to list on Shanghai’s STAR Market. The offering is not only Asia’s largest IPO this year but is also viewed as a milestone in China’s drive for self-sufficiency in memory chips. Because overseas investors have limited direct access to China’s restrictive A-share market, the company’s market exposure and growth potential amid U.S.-China technology tensions continue to draw close attention from international financial and technology circles.

CXMT is expected to formally begin trading on July 27. Ahead of the listing, decentralized exchange Hyperliquid launched a Pre-IPO perpetual contract tied to the company. The contract’s on-chain trading price at one point carried a premium of as much as six times the official offering price. The unusual pricing directly reflects strong demand from overseas investors seeking to bypass access restrictions and gain exposure to China’s A-share market.

All Coverage

2 original reports
ABMEDIA.IO 2026-07-19
Hyperliquid將「中國長鑫存儲」預行IPO溢價逾六倍
ABMEDIA.IO 2026-07-15
中國海力士 CXMT 7/27 IPO！Hyperliquid 上線 Pre-IPO 合約、溢價六倍能衝嗎？

The Backstory

The history behind this event
CXMT Soars 472% on Debut as Whale Builds $17 Million Short2026-07-27 · 1 reports · similarity 0.80

CXMT is China’s leading DRAM maker, and its Shanghai STAR Market debut is a barometer of Beijing’s semiconductor self-sufficiency drive and investment in memory capacity for artificial intelligence. The offering valued the company at about 579.18 billion yuan at its 8.66-yuan issue price, making it China’s second-largest IPO. Trading interest also spilled into crypto venues, with Polymarket hosting valuation bets and Hyperliquid offering pre-market perpetual contracts.

On July 27, 2026, CXMT opened at 49.50 yuan, 471.59% above its issue price, pushing its market value above 3 trillion yuan. Nomura initiated coverage with a buy rating and a 116-yuan target, based on projected 2028 earnings per share of 5.8 yuan and a 20-times multiple. Meanwhile, Hyperliquid’s largest position was a $17.26 million short entered at an average $6.40, while Coinglass recorded $2.36 million of liquidations in one hour.

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