China’s biggest memory chip maker listed in Shanghai this morning and opened up 470%

Priced at 8.66 yuan it opened at 49.50. The marketcap went from $85 billion to $487 billion in minutes
It’s now the most valuable listed company in China, past ICBC
9.4 million retail accounts applied for 7.07 trillion yuan of stock. The allocation rate was 0.47%
To fund those applications people sold everything else. The STAR 50 index fell nearly 20% from its July peak while the cash sat frozen waiting for allocation.
Foreigners couldn’t buy any of it as the STAR Market requires 500,000 yuan in assets and a quota.
So 2 weeks ago a crypto platform listed a perpetual on Hyperliquid tracking CXMT’s price. Traders who legally can’t own the stock priced it between $400 billion and $560 billion.
It opened at $487 billion.
Nobody could arbitrage that perp against the real stock, the was no mechanism forcing it to be right. It just was.
#CXMTDebutsWith90.1BTradingVolume