Overview
- The company set its IPO at 8.66 yuan per share to raise about 57.9 billion yuan, and the public subscription produced more than 9.4 million applications that were 212 times the online supply.
- A clawback that moved institutional allotments into the retail pool expanded the online tranche but still left final retail allocations at just 0.47 percent.
- More than 150 private fund products run by High‑Flyer Quant and broad institutional interest submitted large preliminary bids, showing heavy professional demand for the offering.
- On‑chain perpetual contracts on Hyperliquid/Trade.xyz launched with a $5 reference and traded up to $8.64, implying valuations roughly 400–575 percent above the IPO and reflecting thin liquidity and speculative pressure.
- CXMT is a leading Chinese DRAM maker whose proceeds will fund wafer and high‑bandwidth memory expansion, and the coming STAR Market debut around July 27 could trigger volatile price moves and scrutiny of synthetic markets and allocation mechanics.