$METAL
Heating UpSnapshot Window: 2026-07-16 15:40 UTC · ← Back to Crypto Overview
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Hyperliquid is pricing Asia's largest IPO - CXMT CXMT is China's largest DRAM maker, lists in Shanghai July 27 Foreign capital is locked. The HIP-3 perp is one of the only ways offshore money can touch it Attention on $HYPE [Spoken audio]: Brand new Hip3 market has just launched CXMT, the company behind this one, Genuine Significance, it's Chang Zin Memory Technologies. So this is China's largest chip maker and the fourth largest in the world behind Samsung, SK Hynix and Micron. So this is the centerpiece of China's chip self-sufficiency push and now tradable via pre-IPO markets on Hyperliquid. So this IPO will take place on July 27th. it is towered to be the largest Asian IPO of the year, 8.5 billion raise at an 85 billion dollar valuation. This is the hip three market you can see over on hyper liquid core. And what is the catch here? Well, essentially, the world can't buy this thing. China's star market requires domestic investors to hold half a million RMB and have two years of trading history. And foreign access is tightly restricted. So one of the most important semiconductor listings on earth and global capital is locked out. But enter hyperliquids here and what we can see is the same deployer behind SpaceX and Cerebrus perps launched this pre-IPO perpetual and the first ever DeFi market for a Chinese A share. Think back to SpaceX that carried over 250 million in open interest and on-chain markets are proving they can do credible price discovery for assets traditional rails can't even reach. So the valuation you saw on screen is about 720 currently, so it's like 6x the actual IPO price, which is $1.28. That premium is almost certainly scarce access, pricing on thin liquidity there. Not a real valuation call, but if Cerebras is the guide, it collapses towards reality when July 27th does come. So watch for that convergence to play out, but you're going to see loads of eyeballs on hyper liquid yet again for doing the same damn thing it's done multiple times before now. Meanwhile, all of this happening as a massive ball panic continues to form on the hype token.