ChangXin Memory Technologies (CXMT), China’s leading DRAM chipmaker, saw its shares surge 470% on their debut at the Shanghai STAR Market on July 27. The IPO raised between $8.6 and $9.8 billion, making it Asia’s largest IPO of 2026 and the biggest semiconductor listing on a mainland Chinese exchange since SMIC in 2020. Retail oversubscription exceeded 200 times, with a winning allocation rate of approximately 0.47%. Ahead of the listing, crypto traders on Hyperliquid had already placed bets on the outcome through perpetual futures contracts launched by Trade.xyz.
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