ChangXin Memory Technologies IPO Countdown: 3 Days Left, Whale Investor Partially Sells Off CXMT Long Position

BlockBeats News, July 24th, according to Hyperinsight monitoring, the CXMT on Hyperliquid is currently trading at $6.4658, down approximately 0.8% in the past 24 hours, equivalent to about 43.93 RMB, which is 5.07 times the price of 8.66 RMB for Changxin Technology, with a premium of about 407%.

Changxin Technology will be listed on the STAR Market on July 27th (next Monday) with the stock code 688825. The total post-IPO share capital is about 66.881 billion shares, of which approximately 4.503 billion shares will be tradable from the first day of listing. Based on the current price of CXMT, the implied market value is about 29.4 trillion RMB, which is about 23.6 trillion RMB higher than the corresponding IPO price of 5791.88 billion RMB.

The CXMT futures contract was launched on July 15th and rose from $6 on the first day to a high of $8.64 (about 58.70 RMB), reaching a premium of 577.8% over the issue price. The implied market value once approached 39.3 trillion RMB. The current price has retraced 25.2% from that high but is still 7.8% higher than the opening price. The total open interest of CXMT contracts on the platform is about $51.0 million, with a 24-hour trading volume of about $11.566 million.

In terms of addresses, the largest current position is held by the address 0xf29, with a $8.53 million CXMT short position with 1x leverage, an average price of $6.6, unrealized profit of $0.17 million, and a liquidation price of $15.

Furthermore, a recent million-dollar new long position (whale starting with 0x8e09) has started to reduce its long position, selling off a small portion of 30,000 units after 13:00 today.

As of the time of writing, this address still holds a 5x leverage long position on 204,100 CXMT, with a position value of about $1.19 million, an average entry price of $6.57, an unrealized loss of about $0.017 million, and a return rate of approximately -7.9%.

Although this position is marked as 5x leverage, it has already deposited about $1.196 million in isolated margin, resulting in an effective leverage of only about 1.1x. Currently, it is labeled as "Hambazaur" on Hyperliquid.