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🔥 Zhenxincheng Technology IPO pricing on-chain: a 526% premium and half of SK hynix’s market value
Zhenxincheng Technology begins subscription today. On Hyperliquid, the CXMT Pre-IPO contract is quoted directly at $7.26, representing a 526% premium over the A-share issue price of 8.66 yuan. The implied on-chain market cap is $485.5B, roughly equal to half of SK hynix. On-chain funds are using real money to price the primary market.
TradeXYZ’s front-running pricing logic is simple: among A-share retail investors, one lot can make $20k, but on-chain contracts provide earlier, more flexible long and short exposure. A big whale has already deposited $10 million USDC on Hyperliquid to short CXMT, while another address uses a pseudo-Martingale strategy to lay out staggered limit orders. On-chain has already split into two camps—betting on a huge jump on the IPO’s first day, and betting on a reversion to fair valuation.
The risks are also clear. Zhenxincheng Technology’s A-share issue market cap is about 580 billion yuan, while the on-chain valuation is 3.3 trillion yuan—nearly a 6x gap. Even under the most optimistic scenario of a 4.25 trillion yuan market cap, the on-chain price has already front-loaded the upside. Once the first-day rally fails to meet expectations, the long side of the Pre-IPO contract will face severe liquidation. The mirror risk of on-chain leverage that occurred with Korean SK hynix is being replayed on CXMT.
$hype #usdc #cxmt #sk #defi
#cxmt #hype #稳定币 #On-chain data #blockchain