Hyperliquid has launched a new pre-IPO perpetual market tied to ChangXin Memory Technologies (CXMT), giving traders a way to speculate on the Chinese chipmaker before its shares officially begin trading in Shanghai.
The new contract, listed as xyz, was trading near $8 on July 15. Based on CXMT’s expected share count after its IPO, that price suggests a company valuation of around $535 billion. That is more than six times higher than the valuation implied by CXMT’s official IPO price.
This market was created through Hyperliquid’s HIP-3 framework, which allows developers to launch perpetual contracts linked to assets outside the crypto world. These contracts do not represent actual ownership of the company. Traders do not receive shares, voting rights, or dividends. Instead, they simply gain exposure to the company’s price movements through a synthetic derivative.
The launch comes as CXMT prepares for its highly anticipated Shanghai listing on July 27. The company has set its IPO price at RMB 8.66 per share and plans to raise roughly $8.55 billion. At that price, CXMT’s expected valuation is about $85.5 billion, making the valuation implied by Hyperliquid’s contract roughly 526% higher.
The large gap highlights the difference between a derivatives market and the actual stock market. The price of the Hyperliquid contract reflects trader expectations and speculation rather than the official value assigned through the IPO process.
For many investors, access to China’s STAR Market can be difficult. Retail investors typically need significant assets and trading experience before they can participate. Hyperliquid’s synthetic market offers another way for traders to gain exposure to CXMT’s performance without directly owning the stock.
CXMT is one of the most important semiconductor companies in China. It is currently the country’s largest DRAM memory chip producer and ranks fourth globally behind Samsung Electronics, SK Hynix, and Micron. The company has grown rapidly as China pushes to strengthen its domestic semiconductor industry and meet rising demand driven by artificial intelligence and data center expansion.
Recent reports also revealed that CXMT signed a long-term memory chip supply agreement with Tencent worth more than $2.9 billion, adding to investor interest ahead of the public listing.
Hyperliquid has been expanding beyond crypto assets by offering markets linked to real-world companies and products. Earlier, traders were able to speculate on a pre-IPO SpaceX contract through the same framework. The platform has also increased its connection to tokenized stocks and ETFs through partnerships in the tokenized asset space.
For now, all eyes are on CXMT. Traders will be watching closely to see whether the huge premium seen in the Hyperliquid market starts to shrink as the IPO approaches and once the company’s shares begin trading in Shanghai.
