Hyperliquid Launches CXMT Perpetual Market Trading at $8.4 on Pre-IPO Derivative Priced at $85 Billion
Hyperliquid launched a perpetual futures market for CXMT on its Tradex platform, bringing the pre-IPO derivative to cryptocurrency traders. The CXMT token is trading at $8.4, implying a $560 billion market capitalization for the Chinese memory-chip maker, well above the $85 billion valuation priced for its upcoming STAR market debut.
CXMT will list on the Shanghai stock exchange at an IPO price of 8.66 yuan, or about $1.28. The pricing gap has drawn large derivatives positions, with one trader opening a 5x leveraged long worth $75.4 million at $6 and the platform reporting a new record of $5.3 billion in daily volume. The offering provides offshore investors with a trading channel for the chipmaker before its full A-share debut.
From the sources (17 posts)
@poezhao0605China's largest domestic DRAM maker pays R&D graduates $51K a year. One former engineer told Yicai he averaged 70 to 80 hours of unpaid overtime a month. Last three years and colleagues call you a "veteran."
@poezhao0605CXMT, the DRAM chipmaker, doubled headcount to 19,300 in two years. 63% under 30. When one engineer started, most R&D colleagues held master's degrees. By the time he left, 80% around him were PhDs.
@poezhao0605The founder of China's largest DRAM chipmaker pledged shares worth an estimated $2.9 billion to a staff incentive pool. He excluded himself from the recipients. But a former engineer told Yicai the company never mentioned equity during his
@poezhao0605CXMT, China's #4 DRAM maker, opens its $4.3B STAR Market IPO on July 16. Second-largest in the exchange's history. This Yicai investigation is the most granular look I've seen at the human cost of building a domestic DRAM industry from scr
@zephyr_z9Who the hell priced the CXMT IPO??? They are IPOing at just $80B market cap (revenue will be in the $50B-$60B range this year at 75% GM, next year over $120B) Is there a way to get in??
@zephyr_z9🤣🤣🤣🤣
@jukan05🔥🔥🔥 CXMT’s STAR Market IPO: There will be no daily price limit for the first five trading days after listing. The usual ±20% limit will apply starting from the sixth trading day. Oh shit, it’s time to witness the full madness of Chinese re
@jukan05CXMT LIVE IN HYPERLIQUID
@lookonchainCXMT ($CXMT) is set to list on China's A-share market at an IPO price of 8.66 RMB (~1.28 USD). We spotted $5.93M in buy orders at $7.2 and another $5.58M in buy orders at $6.
@zephyr_z9So CXMT is trading at $8.4 on Hyperliquid rn Basically implies a $560B market cap They are officially listing at $85B
@lookonchainA mysterious whale with $75.4M is long on $CXMT! He opened a 5x long on 20,000 $CXMT($164K) at $6 and is already up $44K. He also placed limit orders to add more to his $CXMT long position between $5.8 and $7.2. h
@hyperliquidxRT @tradexyz: The Pre-IPO Perpetual (IPOP) Market for CXMT is now live. CXMT is a pre-IPO market reflecting the market-implied value of 1…
@zephyr_z9Bruh Watching CXMT trade will be epic
@ryanwatkins_An army of traders in China are about to learn about Hyperliquid for the first time. Expect $CXMT to be another big splash for @tradexyz which just made new ATHs of $5.3B in daily volume. We are entering a new era of finance where anyone,
@frank_liquidTrade CXMT, the Chinese equivalent of Micron / SK Hynix / Samsung, on @liquidtrading.
@chainlinkgodRT @MuyaoShen: Late (in NYC) but a new story from me: @tradexyz started offering pre-IPO perps tied CXMT, China’s SK Hynix. Not surprised g…
@wublockchainHyperliquid Lists CXMT, Potentially A-Share’s Largest IPO and 4th-Largest DRAM Maker Following the listing of the “CSI STAR Market 50 ETF”, Hyperliquid has officially added ChangXin Memory Technologies (CXMT). As A-share listings such as C