ChangXin Memory Technologies (CXMT), China’s largest DRAM chipmaker, raised approximately $8.6 billion in its IPO on Shanghai’s STAR Market. Shares surged 466% on their first day of trading, pushing the market capitalization above $487 billion. US lawmakers are investigating potential Chinese Communist Party interference in the IPO and considering whether to add CXMT to the Commerce Department’s Entity List. Meanwhile, Trade.xyz launched a perpetual futures contract for CXMT on the Hyperliquid blockchain, allowing traders to speculate on the stock’s price before it officially began trading in Shanghai.
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