Hyperliquid Lists CXMT Perpetual Futures as China's Top DRAM Maker

Decentralized exchange Hyperliquid listed perpetual futures for Chinese memory semiconductor company Changxin Memory Technologies (CXMT) on the 15th. The listing occurred within Hyperliquid's HIP-3 (Builder-deployed Perpetuals) ecosystem amid growing investment demand in China's artificial intelligence and semiconductor industries. CXMT is China's largest DRAM manufacturer, ranking fourth globally with approximately 7.7% market share in 2025 according to market research firm TrendForce, following Samsung Electronics, SK Hynix, and Micron. The CXMT perpetual futures are pre-IPO derivatives that trade based on pre-listing corporate valuation and investor sentiment, rather than actual Changxin Memory Technologies stock.

CXMT Plans Shanghai STAR Market Listing This Month

According to South China Morning Post (SCMP) on the 15th, CXMT plans to list 6.7 billion shares on Shanghai's STAR Market (科創板) this month at 8.66 yuan per share (approximately 1,900 won). The company aims to raise 57.9 billion yuan (approximately 12.7 trillion won) through this listing.

Hyperliquid Expands HIP-3 Ecosystem Beyond Digital Assets

The CXMT listing demonstrates Hyperliquid's expansion of its trading range beyond digital assets into global financial assets. The HIP-3 market has recently listed perpetual futures based on underlying assets including U.S. stocks, Chinese companies, commodities, foreign exchange, indices, and unlisted company valuations.

FAQ

What did Hyperliquid list on the 15th?

Hyperliquid listed perpetual futures for Changxin Memory Technologies (CXMT) within its HIP-3 ecosystem on the 15th. CXMT is China's largest DRAM manufacturer with 7.7% global market share according to TrendForce.

What are CXMT's IPO plans according to SCMP?

SCMP reported on the 15th that CXMT plans to list 6.7 billion shares on Shanghai's STAR Market this month at 8.66 yuan per share, aiming to raise 57.9 billion yuan through the offering.