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Super CryptoMan
Super CryptoMan
August 22, 2026

A Chinese chip company surged 500 percent on day one and became the most valuable stock in mainland China. Foreigners could not buy it. Crypto traders already owned it.

CXMT listed on Shanghai's STAR Market last month. First day of trading: shares surged over 500 percent. It briefly eclipsed ICBC as the most valuable stock in mainland China. Beijing calls it their best hope for reducing reliance on foreign memory chips. Foreigners cannot access the Shanghai STAR Market directly. But Hyperliquid had perpetual futures tracking CXMT for over a week before the IPO. When the listing happened the crypto contract had priced the company within 2.5 percent of the actual opening valuation. Crypto just provided better price discovery for a restricted Chinese stock than most traditional financial analysts did. Does this change how you think about what crypto infrastructure is actually for?

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kumar007kumar007· Aug 22

The irony is that the same US export restrictions that are supposed to slow China's chip industry are pushing Chinese companies to list domestically where foreigners cannot access them through conventional channels. And then crypto fills the gap. Nobody planned this architecture but here it is.