Trade.xyz listed a stock contract tied to ChangXin Tech, trading under the ticker CXMT, early on July 15. At the time of publication, the contract was priced at $7.2, which BlockBeats said was nearly six times the company’s traditional market offering price of 8.66 yuan per share. The listing quickly drew activity on the platform, with open interest reaching $1.74 million and trading volume hitting $983,000.
According to information shown on the Trade.xyz page, the contract has entered a price protection mechanism because the gap between its mark price and oracle price is currently too wide. The platform indicated that the protection status will be removed only after the spread between the two prices narrows.
The development came one day after ChangXin Tech said on July 14 that it would conduct an initial public offering and list on Shanghai’s STAR Market at an issue price of 8.66 yuan per share. Investors will be able to subscribe online and offline at that price on July 16, designated as T day.
Trade.xyz listed a stock contract for ChangXin Tech under the ticker CXMT early on July 15, according to BlockBeats. At the time of writing, the contract was quoted at $7.2, a level BlockBeats said was nearly six times the company’s offering price of 8.66 yuan per share in the traditional market.
Trade.xyz page data showed open interest in the CXMT contract at $1.74 million, while trading volume reached $983,000.
The page also showed that the contract had entered a price protection mechanism because the deviation between its current mark price and oracle price was too large. The contract can exit that mechanism only after the gap between the oracle price and the mark price narrows.
On July 14, ChangXin Tech said it would carry out an initial public offering and list on the STAR Market, with an issue price set at 8.66 yuan per share. Investors will be able to participate in online and offline subscription at that price on July 16, the T day.
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