ChangXin Memory Technologies (CXMT) completed its long-anticipated IPO on Monday, July 27, with the offering coinciding with a sharp increase in activity on Hyperliquid as both whales and retail traders focused on the stock-linked market.

The CXMT IPO had been expected to become the largest offering on the Shanghai Stock Exchange since 2011. As Cryptopolitan reported, demand tied to China’s AI stock boom was viewed as a new opportunity and was quickly picked up by crypto traders.

CXMT is already available through TradeXYZ, after the platform purchased the rights to the ticker on Hyperliquid for 500 HYPE. The market gives crypto-native traders a way to take long or short exposure linked to the stock without directly holding the underlying Shanghai-listed shares.

As of July 27, CXMT had more than $45 million in open interest on HIP-3, while daily volume reached a new peak above $9 million after the initial record spike. The IPO day also saw significant selling, with both the perpetual futures contract and the stock entering price discovery.

CXMT surges in Shanghai debut

CXMT became China’s most valuable AI infrastructure company after its shares surged between 470% and 530% in its Shanghai debut. The company’s total market capitalization is estimated at more than $483 billion, making it the most valuable listed company in mainland China.

The listing also put the broader chipmaker and AI stock narrative to a market test. CXMT is a major producer of DRAM, a core component used in consumer electronics and data centers. DRAM supply is closely watched in AI infrastructure because memory capacity and bandwidth are central to servers and other systems used for data-intensive workloads.

Proceeds from the IPO are expected to be directed toward expanded production and additional research and development.

Beyond CXMT’s business model, the rapid price expansion was driven mainly by peak demand for shares, which far exceeded the number offered in the IPO.

That demand carried into on-chain trading, where Hyperliquid provided a venue for speculation during early price discovery. On the first day of trading, the HIP-3 market for CXMT reached 1.14% of the volume on the Shanghai Stock Exchange, with activity spiking to $234 million in the first hours after the IPO began trading.

Former BTC whale shifts into CXMT

On HIP-3, CXMT traded in a range between more than $8 and $5.99. The price range established by perpetual futures traders was closer to the actual IPO price than the company’s initial target of $1.20 per share.

After the IPO, HIP-3 showed 13 whale positions in CXMT, seven of which were long positions.

The largest position remained a short with $17.87 million in notional value. The whale behind that position had an unrealized loss of $1.24 million after the price rally.

Another whale, previously known mainly for BTC positions, fully switched to trading CXMT. That trader still held a $4.81 million position, moving between gains of $300,000 and small temporary losses. Whale traders continued to wait for the stock to establish a clearer direction in the first days following the IPO.

It remains unknown whether any of the whales also obtained IPO shares directly from the company. If so, shorting CXMT could function as a hedging strategy if the shares fell sharply after the initial demand surge. Such activity would also point to Hyperliquid as a potential hedging venue for other upcoming high-profile IPOs.