Hyperliquid Opens Changxin Technology Perpetual Contracts at $7.2 Ahead of IPO, Pricing 6x Above Offering Valuation

According to Guru Club, Hyperliquid launched perpetual contracts for Changxin Technology on July 15, pricing them at $7.2 per share ahead of the company's July 16 A-share IPO debut at 8.66 yuan (approximately $1.22). The contract pricing implies a total market value of approximately 3.5 trillion yuan, roughly six times the IPO offering valuation of 579 billion yuan. This marks the first time an on-chain perpetual contract has targeted an A-share STAR Market IPO, providing overseas investors direct exposure to China's semiconductor storage narrative.

Within 24 hours of launch, the contract recorded $1.32 million in trading volume and $2.41 million in open interest, according to available data.