Hyperliquid's HYPE token has surged 36% following the launch of its Pre-IPO Perpetual Market (IPOP), with trading volume climbing to $433 million over the past 24 hours. According to AMBCrypto, the momentum is driven by the recent introduction of pre-IPO company trading through perpetual contracts, combined with new highs in Open Interest for real-world assets. The IPOP market allows traders to access pre-IPO companies using perpetual contracts, broadening the exchange's appeal to users beyond traditional cryptocurrency traders.
Chinese memory chipmaker CXMT Corp's $8.6 billion initial public offering was more than 570 times oversubscribed by institutional investors, demonstrating robust demand despite cooling enthusiasm for global semiconductor stocks. As reported by The Economic Times, institutional investors, including mutual funds, pension funds and insurance firms, subscribed for 1.24 trillion shares against 2.17 billion shares allocated to them in the offering. The response, while strong, was notably weaker than recent Chinese technology listings, with offerings by Zhuhai Trinomab Pharmaceutical, Chongqing Genori Technology and Wuhan Changjin Photonics each attracting institutional subscriptions exceeding 5,000 times the shares on offer.
Hyperliquid has launched a pre-IPO perpetual contract linked to ChangXin Memory Technologies (CXMT), providing synthetic exposure to the Chinese chipmaker ahead of its Shanghai debut. The contract traded near $8 on July 15, offering traders access to the company's price movements before its public listing. The perpetual operates through Hyperliquid's HIP-3 framework, allowing outside deployers to create markets linked to assets beyond cryptocurrencies.
The contract price of near $8 implies a valuation of approximately $535 billion, representing a 526% premium above CXMT's official IPO price. As reported by Hyperinsight, this valuation is calculated based on CXMT's expected post-IPO share count of 66.881 billion shares. CXMT priced its IPO at RMB 8.66 per share and expects to raise about RMB 57.9 billion before over-allotment options. At the offer price, CXMT's expected post-listing value is approximately RMB 579.2 billion, or roughly $85.5 billion. The company is expected to raise $8.55 billion in what will be Asia's largest IPO of 2026 so far.
The CXMT offering is expected to be Asia's largest IPO of 2026 and China's biggest A-share semiconductor offering, surpassing SMIC's 2020 share sale. According to Reuters, investor subscriptions for the STAR Market offering begin on July 16, while shares are scheduled to start trading in Shanghai on July 27. The listing arrives during a difficult period for global chip stocks, with semiconductor companies facing pressure as investors reassess valuations and growth expectations. In China, the STAR Market has declined about 25% from its July 1 peak, erasing more than 4 trillion yuan in market value. CXMT ranks as China's largest DRAM producer and holds the fourth position globally, with the company securing a long-term memory supply agreement with Tencent worth more than RMB 20 billion.
