Chinese chip firm valued near $425 billion by crypto traders ahead of IPO
China's largest memory chipmaker, ChangXin Memory Technologies (CXMT), is being valued by crypto traders at nearly half a trillion dollars ahead of its scheduled IPO on the Shanghai Stock Exchange.
ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, is being valued by crypto traders at levels that would make it the most valuable company on the mainland, days before its significant debut on Shanghai's STAR Market. This unofficial valuation is occurring as offshore investors, locked out of one of the world's most anticipated listings, have turned to crypto platforms to build a parallel market.
The perpetual futures contract tracking CXMT on the decentralized derivatives exchange Hyperliquid has indicated a market capitalization of approximately $425 billion. Should this level hold, it would surpass the valuation of Industrial and Commercial Bank of China, the mainland's largest listed company. Analysts suggest this premium reflects both scarcity of access and conviction in the company's underlying business.
Access to the Shanghai listing is largely restricted for foreign investors, and even mainland retail investors face substantial barriers to entry for the STAR market, which requires significant capital and trading experience. This limited access has driven demand for alternative investment avenues like the crypto derivatives.
The listing of CXMT, the world's fourth-largest DRAM memory chip manufacturer, coincides with a historic upcycle in the memory market. This boom is fueled by AI-driven demand and a global supply shortage, which are lifting prices across the industry. The company is set to raise up to $8.6 billion in what would be the largest IPO in Asia this year.