Crypto Traders Price CXMT at $425B Ahead of Monday IPO, Surpassing ICBC as China's Most Valuable Company

Crypto traders on Hyperliquid, a decentralized derivatives exchange, are pricing ChangXin Memory Technologies (CXMT) at levels that would make China's leading memory chipmaker the nation's most valuable listed company ahead of its Shanghai debut next Monday. The perpetual futures contract for CXMT traded near $6.35 per share on Thursday, implying a market capitalization of roughly $425 billion—exceeding the Industrial and Commercial Bank of China at approximately $256 billion. The IPO was initially priced at 8.66 yuan ($1.28) per share, valuing the company at 579 billion yuan.

Analysts attribute the outsized premium to offshore investors locked out of Shanghai's STAR Market, which is effectively closed to foreigners and requires mainland retail investors to maintain a 500,000 yuan account balance. "When that path is limited, it should be read as a gauge of demand, not a precise pricing event," said Eric Chen, CEO of Injective Labs, noting the premium reflects both market conviction and scarcity of access rather than fundamental valuation.