Trade.xyz Accurately Priced China's Biggest IPO this Year

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) recently went public in one of Asia's biggest IPOs this year. An unusual player accurately predicted CXMT's listing price, a protocol called Trade.xyz using a derivatives market hosted on Hyperliquid.

The market, which is not recognized by Chinese law and inaccessible to mainland investors, forecast the stock's opening price at $7.42 per share 12 days before CXMT debuted on the Shanghai Stock Exchange at 49.50 yuan ($7.32).

While underwriters priced the deal at 8.66 yuan, resulting in an 82.5% discount to the actual opening price, Trade.xyz's prediction was only 1.4% off.