Cryptocurrency trading platform Trade.xyz now lets investors bet on Chinese chipmaker CXMT’s share price before its July 27 IPO.
Crypto traders can now bet on the expected share price of Chinese memory chipmaker CXMT before its July 27 Shanghai debut, without buying any of the company’s stock.
Trade.xyz, a crypto trading platform that offers markets through the Hyperliquid blockchain, launched a perpetual futures contract for ChangXin Memory Technologies on Wednesday.
The market, listed under the ticker CXMT, tracks what traders believe one ordinary share of the Chinese chipmaker will be worth in U.S. dollars.
Once CXMT begins trading in Shanghai, the system providing prices to the contract will convert the company’s yuan-denominated share price into dollars at the prevailing exchange rate, according to Trade.xyz’s documentation.
- Unlike regular futures, the contract has no expiry date. Traders can bet that CXMT’s share price will rise or fall and use leverage of up to five times their deposit.
- However, they don’t receive CXMT shares or voting rights. The product is simply a bet on the future share price.
Read also: China and AI: The Sector Consolidates as Anthropic Tightens Data Policy
How Much CXMT is Valued
The CXMT-tied contract began at $5, according to Trade.xyz. It quickly climbed from around $6 to as high as $8.64, implying a post-IPO market capitalization of about $578 billion.
That is far above the price set for CXMT’s actual IPO. The company priced its Shanghai offering at 8.66 yuan, or about $1.28, per share.
It plans to sell nearly 6.7 billion shares, which would represent 10% of its total shares after the offering.
One of Asia’s Largest IPOs
CXMT, China’s largest producer of DRAM memory chips, competes with Samsung Electronics, SK Hynix and Micron Technology.
The company held an estimated 7.7% of the global DRAM market in 2025, making it the world’s fourth-largest producer, according to Reuters.
CXMT expects to raise about 57.9 billion yuan, or $8.55 billion, before any additional shares are sold. The total could reach about $9.8 billion if the offering’s over-allotment option is used in full.
That would make it Asia’s largest IPO so far this year and the largest semiconductor share sale ever conducted through China’s domestic A-share market. CXMT is expected to begin trading on Shanghai’s STAR Market on July 27.
But the Shanghai listing will largely be sold to onshore investors, leaving many global traders unable to buy the IPO.
Read more: Asia Surges Into the AI Race — China and Japan Launch New Models Amid US Anthropic Restrictions
