HyperLiquid has added a pre-IPO perpetual market related to ChangXin Memory Technologies (CXMT), giving traders comprehensive exposure to the Chinese chipmaker ahead of its Shanghai debut.
The contract, listed as xyz, was trading at nearly $8 on July 15, according to on-chain market data cited by Hyperinsight. When applied to CXMT’s expected post-IPO share count of 66,881 million shares, this price would be valued at nearly $535 billion, or approximately 6.3 times the official IPO valuation.
Hyperliquid opens synthetic route to CXMT
The CXMT contract operates through Hyperliquid’s HIP-3 framework, which allows external deployers to create persistent markets linked to assets beyond cryptocurrencies. Because these markets trade as derivatives rather than physical securities, CXMT contracts do not provide ownership, dividends, or voting rights in Shanghai-listed companies.
Individual investors in China’s STAR market typically face a 500,000 yuan asset threshold and a two-year trading experience requirement. Hyperliquid offers another synthetic market that can provide targeted users with price exposure without access to the underlying A-shares. This difference also means that the contract price can differ significantly from CXMT’s official stock price.
CXMT contract trades well above IPO valuation
CXMT expects to price the IPO at RMB 8.66 per share and raise approximately RMB 57.9 billion ($8.55 billion), excluding the over-allotment option. The deal will be Asia’s largest 2026 IPO so far and China’s largest A-share semiconductor offering, surpassing SMIC’s 2020 share sale, Reuters reported.
Based on the public offering price, CXMT’s expected post-listing value is approximately RMB 579.2 billion, or approximately $85.5 billion. A synthetic price of nearly $8 would mean about $535 billion, meaning the HyperLiquid contract would be worth about 526% more than the dollar equivalent of the IPO price. This difference reflects pricing in different derivatives markets and does not determine CXMT’s official stock valuation.
China’s largest DRAM maker prepares to go public
CXMT is China’s largest DRAM manufacturer and ranks fourth in the world after Samsung Electronics, SK Hynix, and Micron. Recent market estimates put the company’s global DRAM share at nearly 8%. The company has expanded as China invests heavily in domestic semiconductor production, increasing demand for memory chips along with artificial intelligence infrastructure.
Reuters also reported that CXMT has signed a long-term memory supply contract with Tencent worth more than 20 billion yuan (approximately $2.94 billion). Investor applications for STAR Market’s offering will open on July 16th, and shares are expected to begin trading in Shanghai on July 27th. CXMT plans to use the IPO proceeds for production and technology investments.
Hyperliquid expands real-world asset markets
Hyperliquid’s HIP-3 framework allows builders to launch persistent markets linked to stocks, commodities, and other real-world assets. Pre-IPO SpaceX contracts are also being traded through this framework, demonstrating how on-chain derivatives can create a market around a company before public stock is available.
Hyperliquid has also expanded its connectivity to tokenized securities. As reported by crypto.news, Ondo Finance brought 35 tokenized US stocks and ETFs to HyperEVM in June. These products differ from CXMT perpetual securities because tokenized securities can use an asset-backed structure held through a custodian, whereas perpetual securities provide synthetic price exposure.
The CXMT market offers traders another route to speculating on major public offerings before they debut. Attention will now turn to whether the 526% premium narrows before the subscription launch and after the underlying stock begins trading on the STAR market.
