Hyperliquid Lists Changxin Tech Perpetual Contracts at $7.2 Pre-IPO, Implied Valuation Hits 3.5T Yuan

According to Guru Club, on July 15, the DeFi platform Hyperliquid launched perpetual contracts for Changxin Tech ahead of its Shanghai Tech Board IPO, pricing the contract at $7.2 per share (approximately 52 yuan). Based on the company's post-IPO share count of 66.88 billion shares, this implies a valuation of around 3.5 trillion yuan, approximately 6 times the IPO's initial market capitalization of 579 billion yuan.

The contract listing marks the first time offshore investors have directly accessed a China A-share tech IPO through on-chain futures. Within 24 hours of launch, the contract recorded $1.32 million in trading volume and $2.41 million in open interest.