Hyperliquid traders run CXMT trading to peak volume levels on IPO day
ChangXin Memory Technologies (CXMT) had its long-anticipated IPO on Monday, July 27. The sale coincided with a spike of activity on Hyperliquid, as CXMT drew the attention of whales and retail traders.
The CXMT IPO was expected to become the biggest offering on the Shanghai stock exchange since 2011. As Cryptopolitan reported, the China AI stock rush was seen as a new opportunity, and was immediately taken over by crypto traders.
CXMT is already available through TradeXYZ, after the platform bought the rights to the ticker on Hyperliquid for 500 HYPE.
As of July 27, CXMT had over $45M open interest on HIP-3, with a new peak of daily volumes above $9M after the initial record spike. The day of the IPO coincided with significant selling, as both the perpetual futures contract and the stock were in price discovery mode.
CXMT surges in Shanghai trading
The chipmaker CXMT became China’s most valuable AI infrastructure firm, after surging between 470% and 530% in its Shanghai debut. The company’s total market cap is estimated at over $483B, making it the most valuable listed company in mainland China.
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