China's largest memory chipmaker debuts on Shanghai stock exchange in record IPO

ChangXin Memory Technologies, China's largest memory chip manufacturer, completed a record initial public offering on Shanghai's STAR market. The chipmaker was priced at 8.66 yuan per share, valuing the company at approximately 579 billion yuan and making it the largest STAR market IPO in history. Crypto traders on Hyperliquid had previously priced CXMT contracts significantly higher at $6.35 per share, reflecting strong demand from offshore investors locked out of the Chinese listing.