What to know:
- Hyperliquid’s CXMT perpetual trades near $8, implying a $535 billion market value.
- CXMT plans to raise $8.55 billion before its STAR Market trading debut on July 27.
- CXMT’s synthetic contract trades 526% above the dollar-equivalent official IPO price.
Hyperliquid has launched a pre-IPO perpetual contract tied to ChangXin Memory Technologies, giving traders synthetic exposure before the Chinese chipmaker begins trading in Shanghai. The market tracks CXMT’s expected value. It does not provide shares, dividends, ownership, or voting rights.
The xyz perpetual contract trades near $8 on July 15, according to Hyperinsight on-chain data. The figure created a wide gap with CXMT’s official IPO valuation.
According to a Bloomberg report, CXMT will have 66.881 billion shares after listing. Based on the synthetic price, the expected valuation of CXMT is around $535 billion. The estimate is more than 6.3 times the valuation based on the offer.
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What Drives Hyperliquid’s 526% CXMT Valuation Premium
The stock was offered for RMB 8.66 per share during its initial public offering (IPO). The expected post-IPO valuation is estimated to be RMB 579.2 billion or about $85.5 billion. The Hyperliquid contract was valued around 526% higher compared to the IPO price in dollars.
The market operates under Hyperliquid’s HIP-3 framework. Outside deployers can create perpetual contracts linked to assets beyond cryptocurrencies. These derivatives track prices but do not represent stakes in referenced companies.
Investors have certain requirements on the STAR Market in China. Participants have at least RMB 500,000 in assets and two years of experience in trading. The permanent market serves as another alternative for qualified foreign users.
CXMT seeks to issue shares amounting to RMB 57.9 billion, or $8.55 billion, excluding over-allotment. According to Reuters, the deal is currently the largest initial public offering of 2026 in Asia. Moreover, the transaction would be the largest in A-shares for China’s semiconductors.
The financing will outpace SMIC’s initial stock offering in 2020. Subscriptions for CXMT will take place from July 16. Shares will be listed on Shanghai’s STAR Market on July 27.
How CXMT Became China’s Largest DRAM Manufacturer
CXMT is the largest Chinese DRAM manufacturer in terms of production capacity. The firm is the fourth-largest globally after Samsung Electronics, SK Hynix, and Micron. Estimates of the company’s global DRAM market share are about 8% according to recent market data.
It has grown due to increased efforts in the production of semiconductors within China. The demand for memory has increased along with the development of AI infrastructures. Data centers require large volumes of DRAM for computing workloads.
According to Reuters, CXMT made a memory supply deal worth more than RMB 20 billion ($2.94 billion) with Tencent. The deal strengthens CXMT before listing.
Hyperliquid has been using the HIP-3 framework for derivatives associated with other markets involving private assets. A pre-IPO SpaceX derivative contract also traded using the framework. The product highlighted how on-chain derivatives could value firms even before their initial public offerings.
Why CXMT Perpetual Differs From Tokenized Stocks
Moreover, the platform has extended its operations to tokenized securities. Ondo Finance added 35 tokenized U.S. stocks and ETFs to HyperEVM in June. These products are different from the CXMT perpetual.
Tokenized securities may use structures backed by custodied underlying assets. However, Hyperliquid perpetual gives synthetic exposure without ownership.
Attention will focus on whether the valuation gap narrows before subscriptions begin. Investors will follow the performance of the contract after CXMT goes public in Shanghai. Hyperliquid has created an early market; however, the listed shares will establish the official price.
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