CXMT parent ChangXin Technology to debut on STAR Market as Hyperliquid pre-IPO contract implies 2.76 trillion yuan valuation

News Editor

2026-07-26 05:38:19

ChangXin Technology is set to list on the STAR Market of the Shanghai Stock Exchange on July 27 with an initial market capitalization of about 580 billion yuan, according to BlockBeats. The company’s offering price was set at 8.66 yuan per share, while the final online allotment winning rate rose to 0.4714%, a record for new STAR Market listings. With the over-allotment option fully exercised, total fundraising could reach as much as 66.6 billion yuan. Hyperinsight data cited in the report showed that the CXMT pre-IPO contract on Hyperliquid was trading at $6.087. Based on a corresponding yuan share price of 41.2 and post-offering total shares outstanding of 66.881 billion, the implied on-chain valuation came to about $407.1 billion, or roughly 2.76 trillion yuan. Using that valuation, the report estimated that a retail investor allocated one lot of 500 shares would face a subscription cost of 4,330 yuan. The same 500 shares would be worth about 20,600 yuan on the first trading day, implying a paper gain of around 16,000 yuan per lot. The article also said ChangXin Technology, founded in 2016, held a 7.67% share of the global DRAM market in the fourth quarter of 2025 and reported 50.8 billion yuan in revenue and 24.762 billion yuan in net profit attributable to shareholders for the first quarter of 2026.

ChangXin TechnologyCXMTSTAR MarketHyperliquidPre-IPODRAMChina equities

ChangXin Technology will begin trading on the STAR Market of the Shanghai Stock Exchange on July 27, with an initial market capitalization of about 580 billion yuan, according to BlockBeats.

The company set its offering price at 8.66 yuan per share. The final online allotment winning rate rose to 0.4714%, which the report said set a record for new share offerings on the STAR Market. If the over-allotment option is fully exercised, total proceeds could reach as much as 66.6 billion yuan.

Hyperliquid pre-IPO contract points to a far higher implied valuation

Hyperinsight monitoring cited by the report showed that the CXMT pre-IPO contract on Hyperliquid was last trading at $6.087. CXMT refers to ChangXin Memory Technologies, while the listed entity is ChangXin Technology.

Based on a corresponding yuan share price of 41.2 and post-offering total share capital of 66.881 billion shares, the implied on-chain valuation was about $407.1 billion, or around 2.76 trillion yuan.

Using that figure, the report estimated that a retail investor who won one online subscription allotment of 500 shares would pay 4,330 yuan. At the same implied pricing level, those 500 shares would be worth about 20,600 yuan on the first trading day, for an estimated gain of roughly 16,000 yuan per lot.

Company profile and reported financial data

ChangXin Technology was founded in 2016. BlockBeats described it as China’s largest and most technologically advanced integrated DRAM developer, designer, and manufacturer.

The report said the company’s global DRAM market share reached 7.67% in the fourth quarter of 2025, ranking fourth worldwide and first in China. It added that the company could challenge for the position of the world’s third-largest DRAM supplier.

For the first quarter of 2026, ChangXin Technology posted revenue of 50.8 billion yuan, up 719% year over year, and net profit attributable to shareholders of 24.762 billion yuan, up 1688% from a year earlier. First-half net profit attributable to shareholders is expected to come in between 50 billion yuan and 57 billion yuan.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

1200

Disclaimer:

The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.

Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.