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On-chain sets the pricing for ChangXin Technology’s IPO: 526% premium and half of SK hynix’s market value. ChangXin Technology’s IPO is being subscribed for today. The CXMT Pre-IPO contract on Hyperliquid is directly quoted at $7.26, corresponding to a 526% premium over the A-share offer price of 8.66 yuan. The implied on-chain market capitalization is $485.5B, roughly equal to half of SK hynix’s market value. On-chain funds are using real money to price the primary market.