📋 Changxin Pre-IPO implied valuation of $460.1B: three points worth comparing

1️⃣ Valuation comparison with A-share comparable companies
Changxin’s implied valuation is about RMB 3.11 trillion, while A-share semiconductor equipment leader North Huachuang’s current market cap is about RMB 200 billion, and Semiconductor Manufacturing International Corporation (SMIC) is about RMB 600 billion. Changxin’s valuation is already close to 77% of TSMC’s (about $600 billion), but its revenue and profit scale differ by dozens of times.
2️⃣ Comparison with Hong Kong/US tech giants
A market cap of $31.1k could place Changxin among the global top 15 tech stocks, exceeding AMD (about $460.1B) and Intel (about $250B). However, Changxin’s 2025 revenue forecast is about $180B? Wait—about $8.0 billion; PS is as high as 57x, while AMD’s PS is about 8x.
3️⃣ Risk of pricing deviation in on-chain Pre-IPO contracts
Hyperliquid’s Pre-IPO contract liquidity is limited, and a 5.4% rise in 6 hours may be driven by small capital. After it lists on July 27, the actual opening price may deviate from the on-chain implied price. Retail investors’ single-take profit of RMB 18.9 thousand is calculated based on RMB 46.56; if market sentiment cools, profit margins may narrow.
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