1 hour ago
1
ChangXin Memory Technologies, China’s homegrown DRAM champion, is about to go public in what’s shaping up to be Asia’s largest IPO of 2026. The company aims to raise roughly 57.9 billion yuan, or about $8.55 billion, on Shanghai’s STAR Market. And crypto traders aren’t waiting for the bell to ring.
Trade.xyz has already launched perpetual futures contracts on CXMT through the Hyperliquid blockchain, letting global speculators place bets on the chipmaker’s valuation before shares officially change hands. Early trading on those contracts implies a valuation somewhere between $500 billion and $535 billion, which is roughly six times the company’s IPO valuation of approximately $85 billion.
The biggest semiconductor IPO China has ever seen
CXMT’s offering is priced at 8.66 yuan per share, with book-building kicking off around July 15 and listing scheduled for July 27. At a valuation of roughly 579 billion yuan, this isn’t just a big IPO. It’s the largest semiconductor listing in Chinese history, surpassing SMIC’s 2020 debut.
The company was founded in 2016 with heavy backing from state-linked investors, part of Beijing’s broader push to reduce reliance on foreign chipmakers. CXMT’s revenue surged to approximately 55 billion yuan (around $8 billion) in 2025, and the company now holds an estimated 7.7% share of the global DRAM market.
Proceeds from the IPO are expected to fund new fabrication facilities in Shanghai and expanded R&D investment.
Crypto’s pre-IPO speculation machine
The CXMT contracts on Hyperliquid saw early prices climb from approximately $5–6 to $7–8.64. Those prices imply valuations that would make CXMT one of the most valuable semiconductor companies on the planet.
Traditional IPO access has always been gatekept by institutional allocations and geographic restrictions. Perpetual contracts on platforms like Trade.xyz change that equation entirely.
What this means for investors
Samsung and SK Hynix still dominate the global DRAM market with far larger shares, and Micron Technology remains a formidable third player. CXMT’s 7.7% market share is meaningful but modest.
US restrictions on advanced semiconductor equipment exports to China have already constrained the production capabilities of Chinese chipmakers. Investors buying exposure, whether through Shanghai-listed shares or Hyperliquid perpetuals, are implicitly betting that China finds a way around those bottlenecks.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) · 