Changxin Technology IPO countdown: 3 days; a new whale has partially reduced its CXMT long position

On July 24, Hyperinsight monitoring showed that on Hyperliquid, CXMT is currently trading at $6.4658. It is down about 0.8% over the past 24 hours, equivalent to about RMB 43.93. At Changxin Technology’s $8.66 issue price, this is 5.07x, with a premium of about 407%. Changxin Technology will list on the STAR Market on July 27 (next Monday). The stock code is 688825. After issuance, the total number of shares will be about 66.88B, of which about 4.5031 billion shares will be freely tradable from the first day of listing. Based on CXMT’s current price, the implied market cap is about 2.94 trillion yuan, which is about 2.36 trillion yuan higher than the 29.4k yuan implied by the offering price.
The CXMT contract launched on July 15. On its first day, it rose from $6 to a peak of $8.64 (about RMB 58.70), at one point trading at a premium of 577.8% versus the offering price, and the implied market cap once neared 3.93 trillion yuan. The current price has already pulled back 25.2% from that high, but it is still up 7.8% versus the launch price. Platform-wise, CXMT’s open interest is currently about $50.10 million, with about $579.19B in trading volume over the past 24 hours.
For addresses, the largest existing position is at 0xf29. It is a 1x leverage short on $8.53 million of CXMT, with an average price of $6.6. It is up $170k, with a liquidation price of $15. Recently, the largest single new million-level position (starting with 0x8e09, “giant whale”) has begun reducing its long position; today after 13:00, it sold a small portion of 30k lots. As of the time of writing, this address still holds 204.1k lots of CXMT long positions with 5x isolated leverage, with a position value of about $1.19 million. Its entry average price is $6.57, with an unrealized loss of about $17k and a return rate of about -7.9%. Although this position is marked as 5x leverage, it has about $23.6k isolated margin locked, so the effective leverage is only about 1.1x. At present, on Hyperliquid it is labeled as “憨巴小龙” #科技 #股市 #半导体