Chip firm priced as China's most valuable company before its IPO brings scrutiny to crypto platform

The CXMT logo is displayed on a smartphone screen placed on a reflective surface on which the flag of China is projected, in Creteil, France, on July 17, 2026, as the initial public offering (IPO) of Chinese DRAM memory chip giant ChangXin Memory Technologies generated interest and raised nearly 8.6 billion dollars on Shanghai's STAR Market. Nurphoto | Nurphoto | Getty ImagesCrypto traders are pricing China's largest memory chipmaker, ChangXin Memory Technologies, at levels that would make it the most valuable company listed on the mainland, days before its record Shanghai debut.Crypto startup Trade.xyz offers the CXMT-linked contract on Hyperliquid, a decentralized derivatives exchange, enabling investors to speculate on the chipmaker's valuation ahead of its official debut. The perpetual futures contract tracking CXMT traded near $6.35 per share on Hyperliquid on Thursday, after it peaked recently at $8.60, just days before the chipmaker's blockbuster listing in Shanghai next Monday. CXMT didn't immediately respond to a request for comment about the valuation.The current price implies a market capitalization of roughly $425 billion, or about 2.9 trillion yuan — which would make i...