#盘前合约上线长鑫存储 An “asset price discovery” experiment that bypasses the A-share market is unfolding.

On July 16, domestic DRAM leader CXMT Technology launched its Sci-Tech Innovation Board subscription at 8.66 yuan per share. However, just the night before the subscription, the overseas crypto platform Gate had already launched CXMT/USDT perpetual contract pre-market trading, supporting 1–10x long and short two-way operations. Not only does this mark the first time that an on-chain pre-market contract has targeted an A-share Sci-Tech Innovation Board IPO, it also gives overseas capital the most direct entry point into the “China’s memory replacement” narrative.

The pre-market pricing is astonishing: at one point, the contract price touched $8.64, implying a hidden market value as high as 3.5 trillion to 3.6 trillion yuan. That is about 6 times the IPO issuance market value of 579.2 billion yuan. Just 5 hours after going live, the CXMT contract’s open interest already exceeded $23 million, surpassing HOOD and MSTR, and ranking only behind Tesla. In the past week, a whale address deposited $75.30 million into the platform and has continued placing long orders—showing just how hot the market is.

The biggest significance of the pre-market contract is not whether the price is accurate, but that it allows the market to form a price discovery mechanism in advance. For global investors, this is the first time they can trade assets related to China’s DRAM leader before formal listing. While the pre-market price is not the final listing price, CXMT Storage has become an important window for global capital to watch China’s technology. Before CXMT’s official listing on July 27, this early pricing led by the crypto market will continue to keep the market on edge.