ChangXin Memory Technology (CXMT)
Price chart
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Market stats
Hyperliquid HIP-3 perpetual context
- Mark price
- $7.17
- 24h change
- +17.48%
- 24h volume
- $206,599,283
- Oracle price
- $7.59
- Funding rate
- Open interest
Valuation
About ChangXin Memory Technology
ChangXin Memory Technologies (CXMT) is a Chinese DRAM manufacturer headquartered in Hefei, Anhui. Founded in 2016 as a state-backed venture, CXMT is China's primary domestically-owned DRAM producer, targeting self-sufficiency in memory chips amid US export restrictions. The company produces DDR4 and LPDDR4 DRAM and is ramping toward advanced DDR5 nodes, positioning itself as a strategic alternative to Micron, Samsung, and SK hynix in the Chinese market.
CXMT is listed as a Hyperliquid HIP-3 perpetual market. Prices track traditional-asset exposure synthetically and do not represent ownership of the underlying shares, ETFs, commodities, or cash instruments. Educational market data only — not investment advice.
Sector tags: Semiconductors, China Equity.
CXMT DRAM Process Nodes & HBM Roadmap
ChangXin Memory Technologies (688825.SH) semiconductor nodes, fab capacity, and AI memory progress
Mainstream & Mobile DRAM
Mass-produces 17nm DDR5 and LPDDR5X memory modules targeting server clusters, mobile smartphones, and PC platforms.
AI High-Bandwidth Memory (HBM)
Developing 2.5D/3D TSV (Through-Silicon Via) stack packaging to supply HBM2e and HBM3 modules for domestic AI accelerators.
Semiconductor Localization
Serves as China's primary domestic DRAM supplier, reducing reliance on Micron, SK Hynix, and Samsung Electronics.
CXMT (688825.SH) Listing Facts
STAR Market (科创板) · Listed 2026-07-27
- Issue price
- ¥8.66~$1.28
- Issue market cap
- ¥5.79T~$856B
- Gross proceeds
- ¥57.9B
- Total shares
- 66.881B
- Day-1 free float
- 6.73%4.503B shares
- Strategic placement
- 24.9%
- Online oversub
- >200×
- Institutional oversub
- ~570×
Free-float note: Only 6.73% of shares (~4.50B) were freely tradeable on day 1. This tight float means modest volumes can move the A-share price significantly. The Hyperliquid synthetic has no arb bridge to 688825.SH and trades on expectation alone.
Major Shareholder Lock-up Schedule
SH688825 pre-listing restricted share unlock dates and volumes
| Unlock Date | Unlocked Quantity | Share Category / Lock-up Type |
|---|---|---|
| 2028-06-06 | 103.0M (0.15%) | IPO Pre-listing Restricted Shares |
| 2028-06-27 | 64.63M (0.10%) | IPO Pre-listing Restricted Shares |
| 2028-06-27 | 2.319B (3.47%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 13.04B (19.50%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 5.037B (7.53%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 7.048B (10.54%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 38.31M (0.06%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 5.256B (7.86%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 1.111B (1.66%) | IPO Pre-listing Restricted Shares |
| 2029-07-27 | 4.760B (7.12%) | IPO Pre-listing Restricted Shares |
Note: Pre-listing original shareholders are subject to mandatory lock-up periods (24 months for tech investors like Alibaba Cloud, 36 months for core founders and state-owned funds). Unlocks do not automatically imply market sales, but represent the date when shares become eligible for trade on 688825.SH.
A-Share Market Hours vs Hyperliquid 24/7 Perpetual
Comparing 688825.SH Shanghai Stock Exchange session hours with continuous crypto trading
- Morning Session
- 09:30 – 11:30 CST
- Lunch Break
- 11:30 – 13:00 CST (Closed)
- Afternoon Session
- 13:00 – 15:00 CST
- Trading Days
- Mon – Fri (Closed Weekends & Holidays)
- Settlement Rule
- T+1 Settlement (No same-day resale)
- Trading Hours
- Continuous 24 Hours / Day
- Lunch Break
- None (No Midday Pause)
- Weekend Trading
- Active 24/7 (No Weekend Shutdown)
- Trading Schedule
- Monday – Sunday 365 Days
- Settlement Rule
- T+0 Instant Execution & Hedging
Frequently Asked Questions
- What is CXMT on Hyperliquid?
- CXMT on Hyperliquid is a HIP-3 synthetic perpetual contract that tracks price exposure linked to ChangXin Memory Technologies (688825.SH). It trades 24/7 on the xyz decentralized exchange within the Hyperliquid ecosystem. You can go long or short without holding any A-shares.
- Is the Hyperliquid CXMT price the same as the 688825.SH A-share price?
- No. The Hyperliquid CXMT perpetual is a synthetic market with no direct arbitrage link to the Shanghai Stock Exchange. There is no delivery mechanism or arb bridge connecting the two markets — prices are driven entirely by positioning, expectations, and funding rates on Hyperliquid. Significant and persistent divergence from the A-share price is possible.
- What was CXMT's IPO issue price?
- CXMT (688825.SH) listed on the STAR Market (科创板) on July 27, 2026 at an issue price of ¥8.66 per share, equivalent to approximately $1.28 at 6.77 CNY/USD. The implied issue market capitalization was approximately ¥5.79 trillion (~$856 billion).
- What percentage of CXMT shares were freely tradeable on listing day?
- Approximately 6.73% of total shares — around 4.503 billion shares out of 66.881 billion total — were in the day-1 free float. This tight float means that even modest trading volumes can produce large A-share price swings. The remaining shares are subject to lock-up restrictions.
- When do major pre-IPO shareholder lock-ups expire for CXMT?
- Pre-IPO shareholders are subject to tiered lock-up periods: technology investors (such as Alibaba Cloud with 2.319 billion shares) have a 24-month lock-up expiring in June 2028. Core founders, management partnerships, Hefei state-owned entities, and National IC Fund II ('Big Fund II') have a 36-month lock-up expiring July 27, 2029 (releasing 36.29 billion shares / ~54.3% of total share capital).
- How does China's T+1 rule apply to CXMT trading vs the Hyperliquid perpetual?
- On China's A-share market (688825.SH), stock purchases follow the mandatory T+1 settlement rule — shares bought on day T cannot be sold until T+1 (the next trading day). Additionally, A-share trading is subject to fixed market hours and daily price limits. In contrast, the Hyperliquid CXMT perpetual offers T+0 instant intraday trading 24/7 with no settlement delay, allowing traders to open, hedge, or close positions continuously.
Related instruments
Other HIP-3 markets sharing CXMT's sectors, plus traditional cash-market names for context (links only — not live quotes).
HIP-3 on Hyperliquid
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Source: Hyperliquid · HIP-3 · Updated