TL;DR:
- ChangXin Memory Technologies set the price of its initial public offering at 8.66 yuan per share.
- Total proceeds reached up to 66.6 billion yuan (approximately $9.8 billion) with the over-allotment option.
- The retail tranche recorded during the offering accumulated a 212-fold oversubscription through 9.4 million orders.
DRAM memory manufacturer CXMT listed on Shanghai’s STAR Market in the largest initial public offering in China’s semiconductor sector. Following the milestone, oracle network Pyth Pro incorporated the asset’s financial data feed in real time into its global infrastructure.
The stock listing set a price of 8.66 yuan per share at launch. With full over-allotment, the capital raised reached 66.6 billion yuan, an amount equivalent to $9.8 billion.
Official operation data indicates that the financial volume raised doubled the company’s original target. The amount surpassed the record set by manufacturer SMIC on the STAR Market in 2020. Furthermore, Asian market data indicates it ranks as the second-largest IPO in mainland China’s history, behind only the offering made by Agricultural Bank of China in 2010.
Technical integration and derivatives markets
Access to mainland Chinese stock quotes requires regional licensing and agreements with local intermediaries. The Pyth Pro platform sources data directly from trading firms in Shanghai to publish in real time. This integration makes the company the first mainland Chinese asset with coverage from its first trading tick on the oracle, following the previous incorporation of US firms such as CRCL and FIG.
In the period leading up to the formal listing, platform TradeXYZ operated a pre-IPO market linked to the asset through Hyperliquid’s HIP-3 protocol.
During the subscription window, contracts traded above the initial offer price. According to market reports, those implicit metrics suggested a theoretical valuation near $500 billion, compared to the $85 billion calculated at the official offer price. Once stock trading began in Shanghai, the derivatives platform integrated the external price source to settle instruments.
The addition of the asset joins Pyth Pro’s equity catalog in Asia, which currently includes close to 100 Hong Kong stocks, as well as South Korean shares such as Cambricon Technologies and SK Hynix. The infrastructure roadmap includes the integration of Japanese market equities in the project’s upcoming phases.
