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ChangXin Technology’s STAR Market IPO offer price is 8.66 yuan per share. Before the over-allotment option, it was expected to raise 57.92B yuan ($66.61B), nearly double the original plan of 29.5 billion yuan.
If the over-allotment option is fully exercised, the total amount raised will increase to 66.88B yuan. It may become the largest IPO in Asia as of 2026 so far and set a fundraising record for A-share semiconductor company IPOs.
Retail investors can take part in the online subscription on July 16. The subscription code is “787825”, and the stock is expected to be listed on July 27. Based on the post-issue total share capital of about 579.19B shares before the over-allotment option is exercised, ChangXin Technology’s corresponding issue market value is about 32k yuan.
At the same time, on Hyperliquid, the CXMT pre-IPO perpetual contract price once reached about $7.2. If roughly converted using the per-share price basis and the post-issue total share capital, its implied valuation would be about $3.2 trillion, roughly 5.6 times the IPO issuance valuation.