Changxin Technology, the Top 1 Bearish Pick, Faces a "Halved IPO" as Investor Remains $1.5 Million in the Red

BlockBeats News, July 27th, according to Hyperinsight monitoring, the "Pre-listing Crash Preview" whale (0xf29) is currently shorting 2.6 million CXMT, with a position value of approximately $17.914 million, at an average entry price of $6.40. It has an unrealized loss of about $1.252 million, along with a cumulative $0.281 million funding fee paid, resulting in a total book loss of around $1.533 million.

The whale is using 1x leverage, with a current return rate of -7.52%. The liquidation price is $17.75, still maintaining a low leverage, long-term short position in the so-called "financial management" state.

Early this morning, before the official opening of Changxin Technology's A-shares, the whale concentratedly placed 300 "reduce-only" buy orders, planning to take profit in batches in the $2 to $4.5 range, with a total order quantity of about 2.6 million, covering almost all positions. During the order creation period, the CXMT price ranged from $6.53 to $6.58.

Hyperliquid data shows that at the A-share market's 9:25 opening, CXMT was quoted at around $7.108; when continuous bidding started at 9:30, the corresponding opening price for CXMT was $7.123.

The weighted average price of the aforementioned take-profit orders is around $3.211, 54.9% lower than the 9:30 opening price. Among them, the highest take-profit level of $4.5 is 36.8% lower than the opening price, and the deepest level of $2 is 71.9% lower; 64.2% of the take-profit orders are placed below $3.561, with over 60% of the position waiting for CXMT to halve from the listing opening price before closing.

Next, whether CXMT will first double in price, causing the top short position to be liquidated, or will drop by half first, allowing the whale to take profit as planned and exit, remains to be seen.