STAR Market IPO

Hyperliquid

2026-07-15 04:32:45

Hyperliquid Prices CXMT at $7.2 Before IPO as offshore capital taps DeFi for China memory trade

Trade.xyz has listed a CXMT perpetual contract on Hyperliquid ahead of ChangXin Memory Technologies’ STAR Market IPO, creating what appears to be the first on-chain pre-listing market tied to an A-share science and technology board listing. As of publication, the contract was trading at $7.2 in USDC terms, with roughly $1.32 million in 24-hour volume, $2.41 million in open interest and a 0.0014% funding rate. Based on the company’s post-offering share count, that price implies an equity value of about RMB 3.5 trillion, near the upper end of estimates cited by Chinese financial media. The contract arrives before retail subscription opens on July 16 for ChangXin Memory Technologies’ IPO, which is priced at RMB 8.66 per share and is expected to raise RMB 57.9 billion, or as much as RMB 66.6 billion if the greenshoe is fully exercised. The article argues that Hyperliquid’s 24/7, two-way perpetual market fills a gap left by A-share trading rules such as T+1 settlement and the inability to short STAR Market stocks, while also giving offshore investors a way to express a view on China’s domestic memory story despite access barriers in the onshore market. The broader significance, according to the source article, is that DeFi infrastructure is being used to build a parallel price-discovery venue for a mainland China listing that most foreign retail investors cannot directly buy.

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CXMT

2026-07-11 06:32:13

CXMT files for STAR Market IPO with RMB 29.5 billion target, shifts focus to DDR5 while HBM stays absent

ChangXin Memory Technologies, or CXMT, has released its IPO prospectus for Shanghai’s STAR Market, setting out a deal that would raise RMB 29.5 billion and rank as the board’s second-largest listing after Semiconductor Manufacturing International Corp. The chipmaker plans to issue 6.688 billion new shares, with pricing inquiries scheduled for July 13 and subscriptions on July 16 under stock code 688825. The filing shows how sharply the DRAM cycle has turned. CXMT posted attributable net losses of RMB 16.34 billion in 2023 and RMB 7.145 billion in 2024, while cumulative uncovered losses stood at RMB 36.65 billion by the end of 2025. Yet in the first quarter of 2026, revenue reached RMB 50.8 billion, up 719% year over year, and net profit came in at RMB 33 billion. Its 2025 gross margin rose to 40.99% on a consolidated basis, above Samsung’s 39.38% and Micron’s 39.79%, trailing only SK hynix. The prospectus also carries two notable product signals. CXMT said it had stopped producing its own DDR4 products since late 2024 and is now centered on DDR5 and LPDDR5/5X. At the same time, HBM is not mentioned in the filing at all. A RMB 9 billion forward-looking technology project is described only as research for future advanced DRAM from 2026 to 2028, while the company says AI-related revenue remained relatively low during the reporting period. The document also points to structural and financial risks, including heavy depreciation, a lower sell-through rate, and a warning that the strong earnings growth seen in the first half of 2026 may not be sustainable.

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Unitree Techn

2026-07-07 09:30:15

Unitree Wins STAR Market IPO Registration as 4.202 Billion Yuan Raise Targets Models, Products and Capacity

Unitree Technology has cleared a key step toward listing on Shanghai’s STAR Market after its IPO status was updated to “registration effective,” following CSRC approval on July 2. From application acceptance on March 20 to registration becoming effective, the process took 104 days, with the Shanghai Stock Exchange review completed in 73 days. The company plans to raise 4.202 billion yuan by issuing no less than 10% of its shares, and prior market expectations have put its post-listing valuation near 50 billion yuan. The listing matters beyond a simple IPO milestone. Unitree is one of the few Chinese robotics companies with visible commercial traction in both quadruped and humanoid robots. Its prospectus shows revenue rising from 159 million yuan in 2023 to 1.71 billion yuan in 2025, while net profit turned from a loss into 288 million yuan. In 2025 alone, humanoid robot shipments exceeded 5,500 units, and cumulative quadruped sales topped 30,000 units. The bigger question is what happens after the raise. Unitree says the proceeds will go to robot model R&D, embodied hardware development, new product launches and new manufacturing capacity. But investors will be watching whether the company can expand beyond its current product anchors, defend its low-price advantage as domestic and overseas rivals intensify competition, and translate embodied AI ambitions into scalable real-world deployments.

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