ChangXin Memory Technologies raised $8.6 billion on Shanghai’s STAR Market in China’s biggest IPO since 2010. Shares surged up to 466% on debut. Two weeks before the listing, the Trade.xyz platform launched perpetual futures contracts on the Hyperliquid blockchain, allowing crypto traders to bet on the outcome. The contracts started at $5 per share and peaked at $8.64, implying a valuation of nearly $560 billion compared to the actual $85.5 billion pre-listing valuation. This provided the only practical way for foreign investors to get exposure to one of the year’s biggest IPOs.
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