Hyperliquid traders are pricing CXMT shares as much as 575% above their official IPO level ahead of the Chinese memory chipmaker’s Shanghai market debut.
A perpetual futures contract launched by Trade.xyz climbed as high as $8.64 on Wednesday, compared with CXMT’s offer price of 8.66 yuan, or about $1.28 per share. The contract implied a valuation of roughly $500 billion for the company.
The premarket surge reflects expectations that CXMT could record a major gain when its shares begin trading in Shanghai.
A rise of around 330% from the offer price would make CXMT the largest publicly traded company in mainland China, surpassing Industrial and Commercial Bank of China’s market value of about 2.5 trillion yuan.
The Hyperliquid contract allows traders to take positions on CXMT’s expected share price before the company completes its public debut, creating a global market for speculation around one of China’s most anticipated technology listings.
