ChangXin Technology IPO draws cornerstone investors as Hyperliquid pre-market implies higher valuation

ChangXin Technology, also referred to in market coverage as ChangXin Memory Technologies or ChangXin Memory, priced its Shanghai STAR Market IPO at 8.66 yuan per share, with proceeds earmarked for three domestic memory-substitution projects including a 12-inch DRAM wafer line upgrade, HBM and automotive-memory technology, and next-generation memory research and development. The company said on July 16 that the final online allotment rate rose to 0.47141739% from a preliminary 0.40995452% after a clawback, with 9,428,778 valid online subscription accounts, 816,920,125,000 valid subscribed shares and final online issuance of 3.851 billion shares. Strategic allocations included the Social Security Fund, basic pension funds, large insurers and industry partners, while High-Flyer Quant participated heavily in the offline subscription. Separately, Hyperliquid launched a pre-IPO perpetual futures contract under ticker xyz:CXMT on the Trade.xyz HIP-3 market, where prices around $6 to $8.64, including about $6.92 cited by crypto trader Ansem, implied valuations far above market coverage citing an official IPO valuation of about $85 billion; Ansem said recent IPOs had settled closer to Hyperliquid pre-market levels than to analysts' forecasts, but that comparison was his view rather than confirmed outcome data.