Changxin Technology IPO Priced at 8.66 Yuan RMB on July 16, Valuation Hits 579 Billion Yuan; Crypto Derivative Surges to 3.9 Trillion Yuan

According to official prospectus, Changxin Technology launched its initial public offering on Shanghai Stock Exchange on July 16, priced at 8.66 yuan RMB per share, valuing the company at 579 billion yuan RMB and raising approximately 57.9 billion yuan—the largest IPO in Shanghai Stock Exchange history. The same day, Trade.xyz introduced a USDC-settled perpetual futures contract (CXMT) for Changxin on Hyperliquid with up to 5x leverage, with reference price of 5 USD that surged to 8.64 USD, implying a valuation of 3.9 trillion yuan RMB—approximately 7 times the official IPO valuation.

Changxin reported 2025 revenue of 61.799 billion yuan, up 155.6% year-over-year, with first-ever annual net profit of 1.87 billion yuan. Q1 2026 revenue reached 50.8 billion yuan, growing over 700%, with net profit of 24.762 billion yuan already exceeding full-year 2025 earnings. Global DRAM market share increased from 3.97% in Q2 2025 to 7.67% in Q4, making it the world's fourth-largest supplier.